JOHANNESBURG (miningweekly.com) – Shares in Woodside Petroleum dropped 3.35% on the ASX on Wednesday as the company downgraded its production forecast for 2013.
Australia’s largest independent dedicated oil and gas company said it would produce between 85-million barrels and 89-million barrels of oil equivalent this year. The target range compares with a previous guidance of between 88-million and 94-million barrels of oil equivalent.
The lower production forecast comes as its Pluto production facility, in Western Australia’s Carnarvon basin, suffered an uplanned shutdown of the liquefied natural gas processing train, deferring about two-million barrels of oil equivalent. Production was expected to resume shortly.
The longer-than-expected refurbishment of the Vincent floating production storage and offloading vessel, offshore Exmouth in Western Australia, would lead to a further one-million barrel oil equivalent production referral, Woodside said, adding that production would resume in October.
Woodside stock traded at A$34.62 apiece on Wednesday.