Woodside holds off on expanding Pluto
PERTH (miningweekly.com) – Australian oil and gas major Woodside has reported a 55% increase in its production for the three months to March, compared with its previous corresponding quarter, as its Pluto liquefied natural gas (LNG) project continued to deliver.
However, the ASX-listed company ruled out expansion of the 4.3-million-ton-a-year operation, saying that there were no active discussions with other resource owners with regard to expansion at Pluto.
“Woodside is continuing its efforts in the pursuit of expansion gas and has exploration activities scheduled in the region over the coming years,” the miner said.
During the quarter ended March, Woodside produced some 21.9-million barrels of oil equivalent, which the company said was in line with its full-year production guidance. LNG volumes during the quarter increased by 177% while oil volumes decreased by 45%, resulting in lower average realised costs.
Some 21.7-million barrels of oil equivalent was sold during the first quarter, generating a revenue of more than $1.4-billion. This was a 21% increase on the previous corresponding period.
For the full year, Woodside was expected to produce between 88-million and 94-million barrels of oil equivalent, comprising 47% from the North West Shelf facilities, 41% from the Pluto LNG facility, and the balance from its other projects.
Woodside recently reported that the development of its $45-billion Browse LNG project would be delayed as the project was no longer commercially viable. The company was investigating other development opportunities for the gas field, including a floating LNG facility.
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