Woodside chief executive officer Peter Coleman believes the timing is right for the company to implement plans to triple its reserves.
Coleman, speaking at Woodside’s investor briefing day, reinforced that work was under way so the company could deliver this plan.
He also revealed that Woodside and BHP had agreed on the tolling price for processing Scarborough gas at the Pluto facility in Western Australia.
The agreed Scarborough tolling process is based on BHP maintaining no more than a 25 per cent interest in Scarborough up to the final investment decision (FID).
“Our recent breakthroughs on Scarborough show momentum is building towards final investment,” Coleman said.
“We have unlocked huge potential for this world-class gas resource, using advanced technologies and subsurface expertise to increase the estimated resource volume by 52 per cent.”
He said everything the Perth-based comapny had learned and achieved in progressing the Burrup Hub in the past year demonstrated it is a world-class development opportunity and a compelling investment.
“Our vision for an integrated seven-train LNG processing centre on the Burrup Hub is taking shape, with a final investment decision reached on the Pluto-Karratha Gas Plant Interconnector pipeline,” Coleman said.
“As a low cost, high margin producer, Woodside is delivering near-term value through our robust base business and efficient operations while progressing growth plans to create sustained, longer-term value,”
In Senegal, meanwhile, Woodside is in the final stages of readiness to take the FID on the Sangomar phase one development.
“The Woodside team is focused on delivering sustainable growth and is drawing on Australian and global expertise in technology and energy research,” Coleman said.
Woodside has narrowed its 2019 production guidance to 89 to 91 million barrels of oil equivalent.