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PERTH (miningweekly.com) – ASX-listed Woodside Petroleum has reported a 15.9% increase in sales revenue for the first quarter ended March, compared with the previous corresponding period, as production and sales volumes were lifted.
Revenue for the quarter reached $1.67-billion, Woodside reported, with the increase attributed to additional oil volumes sold and the higher realised prices for liquefied natural gas (LNG) sold from the Pluto operation.
Production volumes for the quarter were 5% higher than the previous corresponding period, to 23-million barrels of oil equivalent, while sales volumes were 6.9% higher, to 23.2-million barrels of oil equivalent, owing predominantly to the restart of the Vincent project, in late 2013.
However, compared with the previous quarter, production volumes for the quarter ended March were down 0.9% as LNG volumes from the Pluto operation declined. This was partially offset by an increase in oil volumes, predominantly owing to a full quarter at the Vincent operation.
Woodside was currently developing a number of projects, both locally and internationally, including the Browse LNG project, which was being developed as a floating LNG plant.
The project includes three gasfields estimated to contain a combined contingent resource of about 13.3-trillion cubic feet of dry gas and 360-million barrels of concentrate. First gas production had initially been slated for 2017.