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Woodside grows gas reserves

Woodside reserves

Woodside Energy has added 266 million barrels of oil (MMboe) of proved oil and gas reserves in 2023, replacing 132 per cent of production.

318 MMboe of proved plus probable reserves in 2023 were added, placing 158 per cent of production.

Proved reserves life is 12.2 years given 2023 production levels, benchmarking in the top quartile of global peers, according to Woodside Energy.

The company also noted that its strategic merger with BHP Petroleum delivered “high-quality” resources and record production in 2023.

Woodside chief executive officer Meg O’Neill said the reserves update reflect the quality of the portfolio following the merger.

“Woodside has delivered strong operational performance over the past 12 months,” she said.

“We achieved record production in 2023, while progressing a world-class funnel of development opportunities, which has us well positioned for growth and returns.”

O’Neill noted the company’s success throughout the year.

“Our success in integrating the strategic merger with BHP Petroleum, combined with out ability to advance major projects and improve performance has delivered a high-quality resource base that enjoys top quartile reserves life,” she said.

“We continued to see strong performance from our core assets in 2023.”

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