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Woodside announces 4Q19 results

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LNG Industry,

Woodside has released its fourth quarter report for the period ended 31 December 2019.

Performance highlights

  • Delivered production of 25.7 million boe, up 3% from the previous quarter.
  • Delivered sales revenue of $1.30 billion, up 12% from the previous quarter.
  • Executed a long-term sale and purchase agreement with Uniper Global Commodities SE (Uniper) for the sale of
  • LNG for a period of 13 years, commencing in 2021.

Delivering a clear plan across three horizons

  • Increased the estimated gross contingent resource (2C) dry gas volume for the Scarborough field to 11.1 trillion ft3 (100%, 8.3 trillion ft3 Woodside share), up 52% from 7.3 trillion ft3 (100%, 5.5 trillion ft3 Woodside share).
  • Agreed tolling price with the Scarborough Joint Venture for processing Scarborough gas through Pluto LNG.
  • Achieved FID on the pipeline component of the Pluto-KGP Interconnector.
  • Achieved start-up from PLA07 Pluto infill well.
  • Achieved FID on Julimar-Brunello Phase 2.
  • Subsequent to the period, the Sangomar Field Development was approved, Woodside took an unconditional FID, the development entered the execute phase, and an FID statement was presented to the Government of Senegal.

Woodside CEO Peter Coleman said Greater Enfield underpinned a solid result in a quarter in which significant progress was achieved on Woodside’s major growth projects.

“Production and sales revenue increased compared with the third quarter of 2019 due to the strong performance from Greater Enfield.

“We are targeting increased production in 2020 following the successful execution of our near-term growth projects.

“Subsequent to the period, we took unconditional FID for the Sangomar Field Development Phase 1 offshore Senegal, delivering on our Horizon II growth strategy. This is a significant milestone and the joint venture has commenced the execute phase of the development, expected to produce first oil in early 2023.

“We also marked some outstanding achievements for the Scarborough development off Western Australia, with a 52% increase in the estimated gross contingent resource and a heads of agreement with BHP which includes a tolling price for the processing of Scarborough gas through Pluto Train 2 and the existing Pluto facilities.

“For Browse, Woodside is ready to enter FEED subject to finalising the gas processing agreement and we are progressing key approvals, including the release of the environmental impact statement and environmental review documents for public comment.

“In another key step towards realising our vision for the Burrup Hub, we took a final investment decision for the pipeline component of the Pluto-KGP Interconnector.

“We executed a long-term sale and purchase agreement with Uniper for the sale of LNG commencing in 2021, demonstrating strong customer support for our growth strategy,” he said.

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