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Woodside release Q3 report

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LNG Industry,

Woodside has released its third quarter report for period ended 30 September 2017.

Operational excellence

  • Delivered higher than prior quarter sales revenue of US$914 million and sales volume of 21.1 million boe.
  • Achieved daily, weekly and monthly production records at Pluto LNG. Monthly production for July was 3% higher than the previous record set in July 2016.
  • Delivered 350th Pluto LNG cargo.

Managing risk and volatility

  • Executed portfolio LNG sales agreement for delivery of up to 12 cargoes between April 2018 and March 2020.
  • Issued a US$800 million 10.5 year bond with a coupon of 3.7% per annum.

Creating and building near-term value growth

  • Wheatstone LNG commenced production subsequent to the quarter.
  • Persephone achieved combined flowrate design capacity of 475 million ft3/d.
  • The Phi Thit-1 well, located offshore Myanmar, intersected a gross gas column of approximately 65 m.

Woodside CEO Peter Coleman said the start-ups of the Wheatstone LNG and Persephone projects were a highlight.
“In October, Woodside realised a major component of our near-term growth strategy with the start of LNG production at Wheatstone, which will contribute more than 13 million boe of annual production once its two LNG trains and domestic gas plant are fully operational.

“Persephone was delivered A$355 million below the expected cost of A$1.2 billion, representing an outstanding achievement by the project team.

“Sales revenue for the three months was 5% higher than the second quarter at US$914 million, mainly driven by increased sales volumes.

“The period marked further strong operational performance from Pluto LNG. For the second quarter in succession, Pluto achieved a number of production records, with production in July 3% higher than the previous high set in the same month of last year,” he said.

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