PERTH (miningweekly.com) – Oil and gas major Woodside on Thursday upwardly revised its production expectations for 2014 on the back of a 7.2% increase in production.
The company has increased its production expectations from the initial forecast of between 89-million and 94-million barrels of oil equivalent, to between 93-million and 95-million barrels of oil equivalent.
The increased production during the September quarter resulted in a 16.7% leap in sales revenue for the third quarter, compared with the previous quarter.
ASX-listed Woodside achieved revenues of more than $1.95-billion during the quarter under review, which was also up 46.4% on the previous corresponding period.
Production increased from 23.5-million barrels of oil equivalent in the second quarter to 25.2-million barrels of oil equivalent, as higher liquefied natural gas (LNG) and condensate volumes were produced at the North West Shelf operation and at the Pluto LNG project.
This was, however, partially offset by decreased oil volumes from across the company’s Australian oil assets.