Woodside Announces Q4 2010 Report (Australia)

Woodside today announced fourth quarter report for period ended December 31, 2010.

2010 production of 72.7 MMboe, within 70–75 MMboe target range. Sales revenue up 20%

• Production volumes were down 10% compared to the full year 2009, primarily due to the sale of Woodside’s interest in the Otway Gas Project and oil-field natural decline. These reductions were partially offset by record production from NWS and improved Vincent reliability.

• Sales revenue increased by 20% compared to the prior year. This was mainly a result of higher commodity prices and the positive conclusion of certain LNG pricing negotiations.

Production volumes down 3% and sales revenues up 2% compared to Q3 2010

• Production volumes were down 3% compared to the previous quarter, largely driven by a lower contribution from the Stybarrow and Vincent oil projects, together with lower condensate, LPG and pipeline gas production. These reductions were partially offset by record quarterly LNG production, a result of high reliability at the Karratha Gas Plant.

• Sales revenue rose by 2%, largely due to higher commodity prices.

Production volumes down 12% and sales revenues down 8% compared to Q4 2009

• Production volumes were down 12% compared to the corresponding quarter in 2009, largely driven by the sale of Woodside’s interest in the Otway Gas Project and oil-field natural decline for Enfield, Stybarrow and Laminaria. This decrease was partially offset by record LNG production and improved Vincent reliability during Q4 2010.

• Sales revenue was down 8%, primarily as a result of reduced sales volumes, partially offset by improved commodity prices.

Activities

• Pluto LNG Foundation Project – more than 95% complete (end 2010). Start-up targeted for August 2011.

• Pluto Expansion – work to expand beyond the initial Pluto foundation LNG train is ongoing.

• Browse – Basis of Design (BOD) was finalised on schedule and budget. The Western Australian Government’s draft Strategic Assessment Report for the Browse LNG Precinct was released for public comment on 13 December 2010.

• Sunrise – engagement is ongoing with the Australian and Timor-Leste regulators to obtain approvals for the proposed Floating LNG development.

• North Rankin Redevelopment Project – project remains on schedule and on budget for completion in 2013.

• North West Shelf Oil Redevelopment Project – overall construction works are nearing completion with production shut-in scheduled for Q1 2011 and resumption of production expected in Q2 2011.

More Info: here

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Source: Woodside, January 21, 2011;