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Woodside releases report for 3Q16 and provides update on LNG projects

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LNG Industry,

Woodside Petroleum Ltd has released its third quarter report for the period ended 30 September 2016.

The company has reported record quarterly LNG production at the Karratha Gas Plant (KGP) – 4% higher than the previous record set in 3Q14. The company has also reported record quarterly LNG production at Pluto LNG – 1% higher than the previous record set in 3Q15 – and claims that there have not been any interruptions to production at the facility since 26 January 2016. Reliability exceeded 99% at Pluto and KGP LNG facilities, offshore gas facilities and Nganhurra FPSO (Enfield).

Woodside CEO, Peter Coleman, said: “we set a number of production records this quarter driven by excellent LNG capacity and reliability, which contributed to a 20% quarter-on-quarter revenue increase.

“As part of managing our debt obligations, we secured US$1.2 billion in funding at competitive rates. We have strong support from debt capital markets and gearing remains well within our target range of 10 – 30%.

“The agreements to acquire ConocoPhillips’ interests in Senegal and half of BHP Billiton’s interests in the Scarborough area assets demonstrate Woodside’s focus on growth and leverage our deep water capabilities.

“The Julimar Project completed all construction and commissioning work on schedule and under budget in preparation for Wheatstone start-up in mid-2017. Wheatstone is a key component of our near-term growth strategy and will contribute over 13 million boe of annual production once both trains are fully operational.”

In its report, Woodside also provided an update on development activities, noting that, as well as the completion of construction and commissioning for the Julimar Project, Wheatstone LNG storage tank one is ready for cooldown and all Train 3 modules are now on-site. The operator of Wheatstone Project is expecting first LNG from Train 1 in mid-2017, with first LNG from Train 2 expected to follow approximately six to eight months later. Woodside also claims that its NextGen Technology, which has the potential to minimise environmental footprint, is being reviewed as a potential development concept for Kitimat LNG.

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