Woodside releases Q2 report

Highlights:

• Approved the US$1.9 billion Greater Enfield Project, developing gross (100%) 2P oil reserves of 69 million bbl as a tie-back to the Ngujima-Yin FPSO.
• Increased contingent resource (2C) by 83 million boe through two gas discoveries offshore Myanmar.
• Achieved an annualised loaded LNG production rate equivalent of 5.0 mtpa at Pluto LNG (100% project).
• Successfully executed a major planned onshore and offshore turnaround ahead of schedule at the North West Shelf (NWS) Project.
• Signed a Heads of Agreement for long term supply of LNG to Pertamina.
• Expanded acreage position offshore Gabon by acquiring a 40% interest in the Luna Muetse Block.
• Subsequent to the quarter, Woodside agreed to acquire ConocoPhillips Senegal B.V. that holds a 35% interest in the 560 million bbls SNE deep water oil discovery (100%, at the 2C confidence level).

Woodside CEO Peter Coleman said that the business was performing well in a challenging external environment.

“We continue to deliver world-class operational excellence across our assets. This includes completing the North West Shelf Train 4 turnaround eight days ahead of schedule and making further improvements to annualised loaded LNG production at Pluto.

“On Greater Enfield we revamped the development concept and took advantage of market conditions to take an FID and estimate incremental cash costs of less than US$6/bbl on average for the first five years of production.

“Lower sales revenue for the quarter largely reflects the three month lag in oil-linked LNG contract pricing structures. We will see higher realised LNG contract prices reflected in Q3. Our strong operating cash flow and balance sheet

will continue to support business growth opportunities,” he said.

The full report can be accessed here.

Adapted by David Bizley

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/21072016/woodside-releases-q2-report/