Woodside bounces back as production jumps

Woodside Petroleum has recorded an impressive September quarter, with production leaping 44 per cent on the previous three months with 24.9 million barrels of oil equivalent (MMboe).

The result led to a 58 per cent improvement on its delivered sales revenue at $1.164 billion for the quarter.

Pluto LNG was a top performer, achieving record production rates, record quarterly production and 99.7 per cent reliability, following the major turnaround in the previous quarter.

“Pluto LNG is performing strongly and demonstrating outstanding reliability following the turnaround,” Woodside chief executive officer Peter Coleman said.

Coleman was also pleased with the Ngujima-Yin floating production storage and offloading (FPSO) performance.

“Following completion of the Greater Enfield project, over 2.5 million barrels of oil (were) produced from the facility since restart,” he said.

“Pluto LNG and the near-term growth delivered by the Greater Enfield project will be key contributors to our 2020 production target of approximately 100MMboe.”

Woodside achieved a positive final investment decision for the Pyxis Hub project at Carnarvon Basin in northern Western Australia.

“We have taken a final investment decision, comprising the subsea tieback of the Pyxis, Pluto North and Xena 2 infill wells, with key contracts awarded to support design and installation of subsea equipment infrastructure,” Coleman said.

Looking ahead, Woodside has signed a heads of agreement (HOA) with Uniper Global Commodities SE for the supply of liquified natural gas (LNG) for a 13-year period, starting 2021.

Woodside is also looking to its future carbon offset generation, signing HOAs with Greening Australia, for a large-scale native tree planting project, and a non-binding letter agreement with Korea Gas Corporation, for a green hydrogen pilot project feasibility determination.

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