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Woodside posts record quarter

Image shows the Pluto LNG operation

Photo by Woodside

20th October 2022

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Australian energy major Woodside has reported record sales and production for the third quarter ended September.

Production during the three months to September rose by 52% on the previous quarter, to 51.2-million barrels of oil equivalent, with sales volumes in the same period rising by 59% to 57.1-million barrels of oil equivalent.

Woodside on Thursday reported record revenues of $5.85-billion for the third quarter to September, up by 70% from the second quarter, with the company achieving a portfolio average realised price of $102 per barrel of oil equivalent.

Woodside CEO Meg O’Neill said production and revenue rose in the third quarter, reflecting the first full three months of contribution from the former BHP petroleum business.

“This is our first full quarter following the merger and these results demonstrate the new, expanded Woodside is delivering what we promised: safe, reliable energy from a more diverse portfolio.

“Production for the period was 51.2-million barrels of oil equivalent, up 52% from the second quarter and more than twice the level in the corresponding period of last year. Strong operational performance across the combined portfolio has allowed us to upgrade our full-year production guidance to 153-million to 157-million barrels of oil equivalent.

“Our investment in the Pluto-Karratha gas plant (KGP) Interconnector is creating significant value, enabling the acceleration of 2.3-million barrels of oil equivalent of Pluto gas using available production capacity at the KGP,” said O’Neill.

She noted that work on the company’s major projects progressed to plan during the quarter under review.

“The first stage of the Pluto Train 2 construction accommodation village in Karratha has been completed and fabrication of the subsea flowlines for the development of Scarborough commenced.

“Overall, the Scarborough and Pluto Train 2 projects combined were 21% complete at the end of the quarter and remain on track for targeted first liquefied natural gas (LNG) cargo in 2026.”

Pluto Train 2 will be the second LNG train at Woodside’s existing Pluto LNG onshore facility and will process gas from the Scarborough development.

The project will have capacity of five-million tonnes a year, and additional gas infrastructure will be installed with capacity of 225 TJ/d.

The Pluto Train 2 project will support the export of around eight-million tonnes a year of LNG, and the delivery of around 1 400 PJ of gas to the Western Australian market, through a new domestic gas production facility to be built at the Pluto site.

“At Sangomar the subsea installation campaign began in September and development drilling progressed, with six of the planned 23 wells now complete. The project was 70% complete at quarter end with first oil targeted for the second half of 2023,” O’Neill said on Thursday.

“Two long-term marketing deals signed during the quarter will strengthen Woodside’s trading position in the Atlantic basin. Woodside entered into a long-term sale and purchase agreement (SPA) with Uniper Global Commodities to supply LNG from our global portfolio from 2023 into Europe, where buyers are urgently seeking alternatives to Russian gas. We also signed an SPA for supply from the proposed Commonwealth LNG export facility in Louisiana.

“We announced plans for the Hydrogen Refueller @H2Perth, a self-contained hydrogen production, storage and refuelling station, which will assist in stimulating the hydrogen economy in Western Australia.

“We also awarded a contract in October for electrolysers for the proposed H2OK hydrogen project, a significant milestone towards our targeted final investment decision in 2023. Front-end engineering design activities for H2OK are well advanced.

“Woodside’s plans to build carbon capture and storage capability progressed during the quarter with the award of a greenhouse gas (GHG) assessment permit over the Calliance field in August. We are also participating in joint ventures which were awarded GHG assessment permits in the Northern Carnarvon and Bonaparte basins.

“We took decisive action to initiate an exit from our exploration position in the Orphan basin, offshore Canada, consistent with our exploration focus on clear pathways to commercialisation,” she said.

Edited by Creamer Media Reporter

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