Woodside has farewelled a strong year by delivering record quarterly production of 51.6 MMboe, an increase of 0.7 per cent from the third quarter of 2022.
The company achieved a record full-year 2022 production of 157.7 MMboe, outperforming the production guidance of 154 to 157 MMboe due to strong operational performance throughout the fourth quarter.
While delivered sales volumes were down by 8.5 per cent from 2022’s third quarter to 52.2 MMboe, this was primarily due to a reduction in third-party sales. Similarly, delivered revenue was also down 12 per cent from the third quarter to $5160 million as a culminative result of reduced trading activity and lower realised prices.
Woodside CEO Meg O’Neill said consistent strong operational performance and favourable operating conditions across the combined portfolio was a key driver in achieving record quarterly and full-year production.
O’Neill said strong progress was made across the company’s portfolio of growth projects, both in Australia and globally, with Woodside’s Scarborough and Pluto Train 2 projects in WA benefitting from a successful quarter.
“Reliability at our Australian operated assets was exceptional with Pluto LNG and the North West Shelf (NWS) Project both achieving 98.3 per cent reliability for the quarter,” she said.
During the quarter, Woodside celebrated a milestone at Pluto LNG, passing 50 million tonnes of LNG production since the facility started up in 2012. Internationally, asset performance was boosted by completion of planned turnaround work.
“The teams working on Scarborough and Pluto Train 2 have done an outstanding job over the latter part of the year,” said O’Neill
“The combined projects are now one quarter of the way to completion and are on track for targeted first LNG cargo in 2026, bringing essential volumes into a market demanding more LNG.”
Most of the major equipment for the Scarborough floating production unit has been ordered and module construction of Pluto Train 2 has commenced.
To read Woodside’s full quarterly report, click here.
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