Woodside tweaks FY guidance on strong June quarter
PERTH (miningweekly.com) – Australian oil and gas producer Woodside on Thursday revised its full-year production targets on the back of strong operating performances.
ASX-listed Woodside has increased its full-year expectation from the previous estimate of between 86-million to 93-million barrels of oil equivalent to between 89-million and 94-million barrels of oil equivalent.
During the three months to June, Woodside produced 23.5-million barrels of oil equivalent, which was up 2.2% on the previous quarter and 17.5% on the previous corresponding period, as its Pluto liquefied natural gas (LNG) project, north-west of Karratha, in Western Australia, continued to deliver reliably.
Woodside also sold about 21.5-million barrels of oil equivalent during the quarter, generating a revenue of A$1.67-billion, up 0.2% on the previous quarter and up 24.8% on the previous corresponding period, owing to the additional oil volumes sold mainly from the restarted Vincent project, also in Western Australia, as well as higher realised prices for the Pluto LNG volumes.
Woodside is currently advancing a number of projects, both locally and internationally, including the Browse LNG project, north of Broome, in Western Australia, 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.
During the quarter, Woodside also elected to terminate its Leviathan joint venture (JV) in Israel after the parties were unable to agree on commercially acceptable terms for the JV.
Under the terms of the original memorandum of understanding, Woodside would have paid about $850-million for its stake in the project and a further $350-million on a final investment decision or export milestones.
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