Woodside Q1 production drops

LNG player Woodside of Australia said its production volumes in the first quarter of 2015 were at 21.8 MMboe, 6.8 percent lower as compared to the previous quarter.

This was due to lower LNG volumes at the company’s Pluto liquefaction plant and lower oil volumes, both associated with cyclone activity, it said in a statement on Wednesday.

During the Tropical Cyclone Olwyn in March a submersible drilling rig drifted near Pluto flowlines and resulted in a six-day precautionary production shut in.

Woodside’s Sales revenue for the quarter was 20.1% lower at USD1,408 million reflecting lower oil and condensate sales volumes and lower oil prices, partially offset by higher LNG sales volumes, according to the statement.

The average Brent price for the quarter was US$55.13/bbl, 28.5% below the US$77.07/bbl average price in the previous quarter.

Subsequent to the closing of the Apache assets purchase, Woodside’s 2015 production target range is 86 to 94 MMboe inclusive of Balnaves oil and Canadian pipeline natural gas production for the remainder of 2015, it added.

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LNG World News Staff; Image: Woodside




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