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Woodside achieves “Milestones” in third quarter

Oilfield Technology,

Australian LNG company Woodside announced its production in the third quarter was up by 9.5% from the previous one. Production stood at 21.9 million barrels of oil equivalent (MMboe) in the third quarter and sales revenues were US$ 1338 million.

During the quarter (03/09/2013), the Browse basis of design (BOD) or Browse Joint Venture agreed to develop work on floating liquefied natural gas (FLNG), in a bid to commercialise the three Browse gas fields.

Also in the quarter, the Pluto Joint Venture participants achieved a final investment decision (FID) over phase one of the Xena field tie-in project, and subsequent to the end of the quarter, the North Rankin Redevelopment Project achieved start-up as planned and on budget.

Woodside CEO Peter Coleman said the past three months had seen milestones achieved on major projects within Woodside’s base business and growth portfolio. “These milestones further demonstrate the progress we are making on our growth strategy,” he said. “At the same time, our production team continues to deliver the results that make it possible for us to take forward value-creating opportunities.”

Key production and sales points

  • Production volumes were 9.5% higher than the previous quarter, largely due to increased production at the North West Shelf following the completion of planned maintenance on LNG Train 2 during the second quarter.
  • Production volumes were 17.4% lower than the corresponding period. Sales revenue decreased 26.8% predominantly due to: 

  • 1. Lower oil sales as a result of the Vincent FPSO being off station for planned shipyard maintenance.
    2. Lower LNG sales from Pluto due to the unplanned outage at the beginning of the quarter.
    3. Lower condensate sales from the North West Shelf due to the timing of shipments.

  • The higher proportion of gas volumes sold resulted in lower average realised prices. The average Brent price for the quarter was US$ 109.65/bbl, slightly above the US$ 109.42/bbl in the corresponding period.

Adapted from press release by Ted Monroe

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