Woodside today reported a half-year profit after tax of $812 million, underpinned by a 17.8% increase in operating revenue and a 7.2% increase in production. Key to these increases was the successful start-up of Pluto LNG, stronger commodity prices and higher contributions from Vincent and North West Shelf (NWS) oil.
Woodside CEO Peter Coleman noted the performance of the underlying business and the successful ramp-up of the Pluto LNG project was clear demonstration of Woodside’s commitment to consistent, world-class delivery.
“It is particularly pleasing to see Pluto achieve utilisation rates of 80% in the first two months of operation; well in excess of the 36% we had targeted. The ongoing reliability of the underlying business and the successful addition of Pluto production provides positive momentum for our production and revenue,” Mr Coleman said.
Woodside has increased its 2012 production target to a range of 77 to 83 million of barrels oil equivalent (MMboe) up from the previous target of 73 - 81 MMboe.
Woodside will also finalise the sale of an estimated 14.7% unitised interest in the Browse Development to Japan Australia LNG (MIMI Browse) Pty Ltd (MIMI) and will finalise the sale during Q3 2012. “The sale to MIMI signals a very positive step in the development of Browse, and underscores the value of this world-class resource,” Mr Coleman said.
The company does not plan to make a final investment decision on expanding Pluto LNG yet though as the current phase of exploration drilling in the Carnarvon Basin has not discovered enough viable gas resources to underpin the development. The company is going to take a break in the drilling programme and evaluate results before starting anew. The company is also in discussion with other resource owners
Adapted form press release by Peter Farrell.
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