Woodside revenue boosted by rising prices

Australia’s Woodside Petroleum on Thursday reported a jump in sales revenue for the third quarter as prices increased.

The LNG player reported sales revenue of $1.16 billion, 25.4 percent above the sales revenue reported in the corresponding period last year.

Speaking of the results, Woodside CEO Peter Coleman said that the Wheatstone LNG project has made a major contribution to production.

“Production at Wheatstone LNG continued ahead of plan, underpinning a 13.8% rise in output compared with the corresponding quarter in 2017,” Coleman said.

He added that during the quarter the company has made progress on its near-term growth projects the Greater Western Flank Phase 2 and Greater Enfield.

Wheatstone project completed a planned shutdown in August to clean and replace strainers in LNG train 2 with production restarting on August 29.

Construction of the domestic gas plant at the end of the quarter was over 98 percent complete, with commercial production readiness expected in the first quarter of 2019.

The Greater Western Flank Phase 2 project is 98 percent complete with all eight production wells connected to the Goodwyn-A platform. Commissioning and startup is planned for the fourth quarter of the year.

The Greater Enfield project was at 72 percent completion at the end of the quarter.

Woodside added that the North West Shelf project shipped 68 cargoes during the quarter. Wheatstone LNG plant shipped 33 cargoes and Pluto LNG facility dispatched 15 cargoes.