PERTH (miningweekly.com) – Oil and gas major Woodside has reported record production in the quarter ended June, with production reaching 25.9-million barrels of oil equivalent, up 7% on the first quarter.

Output during the first half of the year also reached a record 50.1-million barrels of oil, up 28% on the previous corresponding period.

Woodside CEO Peter Coleman on Wednesday said that high reliability across the company’s portfolio had been key to driving production growth during the period under review.

“I am proud of the way the Woodside team has responded to unprecedented challenges in this half, managing the impacts of Tropical Cyclone Damien, ensuring the safety of our people and business integrity as the Covid-19 pandemic unfolded, and adapting to the lower commodity price environment.

“The upshot of this sustained organizational effort has been our best-ever operating results, achieved in a time of extraordinary uncertainty and exemplifying the strength and resilience of our people and business.”

Coleman noted that the company had implemented the cost-saving measured announced at the end of the last quarter, which included a number of job cuts and the deferral of targeted final investment decisions for its Scarborough, Pluto Train 2 until 2021, and for its Browse liquefied natural gas (LNG) project, and was now preparing future growth projects to proceed when market conditions improve.

“Our business is set up to deliver long-term shareholder value.

“Woodside’s commitment to the Burrup Hub is unwavering and work is continuing to finalise commercial agreements and regulatory approvals for the Scarborough, Pluto Train 2 and Browse developments. We are positioning to take advantage of the forecast global LNG supply shortfall later this decade,” Coleman added.

“The Burrup Hub is a highly competitive brownfields LNG development with the potential to provide robust returns for shareholders, create employment and generate tax revenue for decades into the future,” he said.

Meanwhile, Woodside on Wednesday reported that sales volumes for the quarter had also increased by 13% on the previous quarter, to 27.1-million barrels of oil equivalent, with record equity domestic gas sales volumes achieved.

Sales revenue for the quarter was down 29% on the previous quarter, to A$768-million.