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Woodside sees output growing 15%

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Reuters are reporting that Woodside Petroleum sees its production growing by approximately 15% between 2017 and 2020, with supply from the Wheatstone LNG project and its own Greater Enfield project, both off Western Australia.

After 2020, output will grow further with the expansion of the company’s Pluto LNG project in Australia and possible output from an oil project off Senegal.

Wheatstone LNG, operated by Chevron Corp, is on track to start producing in the next few weeks. Woodside staff working with Chevron will be pushing to bring costs down at the plant.

The company hopes to reach a final investment decision on developing gas from its Browse asset off Australia's north west coast in 2019.

The Browse project has been reworked three times over the past decade to curb soaring capital costs, once seen as high as US$60 billion, as LNG prices have dropped due to a supply glut which is only expected to ease around 2022.

In its fourth incarnation, Browse is now being looked at as a source to supply gas to the North West Shelf LNG plant from 2025 – when the existing gas source runs out – rather than being developed as an expensive new LNG project.

The big challenge will be to secure agreement from other partners in Browse and the North West Shelf, including Royal Dutch Shell, BP, BHP and Chevron Corp, which all have other gas assets off Australia's west coast waiting to be developed.

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