Woodside reports rise in sales revenue

Woodside reported Q3 sales revenue of US$ 1959 million, a 16% increase on Q2 and up 46.4% on Q3 2013. Among the highlights was the signing of an LNG sale and purchase agreement (SPA) with Cheniere Energy, Inc. subsidiary Corpus Christi Liquefaction, LLC.

Compared to Q2, production volumes saw a 7.2% rise, due to higher LNG condensate volumes produced at the North West Shelf and Pluto LNG, partially offset by decreased oil volumes produced across the company’s Australia oil assets. Sales volumes were 14% higher than those of Q2. This was due to higher production and timing of shipments.

Q2 comparison

The sales revenue for Q2 was 16.7% higher, reflecting higher LNG condensate sales volumes and higher LNG realised pricing at Pluto. This was partially offset by lower oil sales revenues.

Q3 comparison

Compared to the Q3 2013, production volumes saw an increase of 15.1% and sales volumes were 17.2% higher. This was predominantly due to higher LNG reliability at NWS and Pluto and the restart of the Vincent FPSO in late 2013.

Sales revenue for the quarter was 46.4 higher, predominantly due to additional oil volumes sold primarily from Vincent and higher realised prices for Pluto LNG volumes sold in the period.

LNG development activities

Browse FLNG

Over the course of the quarter, Woodside, as an operator of the Browse Joint Venture, concluded key basis of design documentation for the proposed Browse floating LNG (FLNG) Development.

Pluto LNG

Drilling of Xena Phase 1 began for the Pluto LNG project. First gas is expected in the second half of 2015.

Sunrise LNG

During the quarter, the Timor-Leste and Australian governments agreed to a six-month adjournment to a dispute pertaining to the Treaty on Certain maritime Arrangements in the Timor Sea, while the two parties negotiate a settlement.

Canada

Also during Q2, Woodside progressed environmental and regulatory approval obligations under the Sole Proponent Agreement. In September, geological studies began at the Grassy Point site to gauge the feasibility of a potential LNG project.

Adapted from press release by Ted Monroe

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/16102014/woodside-reports-rise-in-sales-revenue-and-lng-highlights-1605/