Australian energy giant Woodside has released its second quarter report, highlighting progress on growth strategy despite operational challenges.
The company reported quarterly production of 44.4 millions of barrels of oil equivalent (MMboe), down 1 per cent from Q1 2024 due to planned maintenance activities, weather impacts, and unplanned outages at some facilities.
However, Woodside said it maintains its full-year production guidance of 185-195 MMboe.
A significant milestone was achieved with first oil from the Sangomar Project offshore Senegal in June, marking the delivery of Senegal’s first offshore oil project.
The project is now 98 per cent complete, with production ramping up as planned.
The Scarborough Energy Project in Western Australia is now 67 per cent complete, with first LNG cargo expected in 2026.
However, the total estimated cost has increased by 4 per cent to US$12.5 billion, primarily due to scope maturation of the Pluto Train 1 modifications project.
Woodside CEO Meg O’Neill said the company continues to see strong demand for LNG in Asian markets, as evidenced by a new long-term sale and purchase agreement with CPC Corporation, Taiwan.
Woodside also secured $1 billion in funding from Japan Bank for International Cooperation for the Scarborough Energy Project.
In a move to expand its global LNG presence, Woodside announced a definitive agreement to acquire Tellurian and its US Gulf Coast Driftwood LNG development opportunity for approximately $900 million in cash.
The company continues to progress its new energy initiatives, securing primary environmental approvals for the Hydrogen Refueller @H2Perth and advancing offtake discussions for the H2OK Project in the US.
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