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Woodside sales revenue up 24.8%

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LNG Industry,

Woodside has recorded a 24.8% rise in sales revenues to US$ 1.679 million for Q2 2014, compared to Q2 2013. This has been attributed to additional oil volumes sold primarily from Vincent and higher realised prices for Pluto LNG volumes sold in the period.

Production volumes were 17.5% higher and sales volumes were 6.4% higher compared to Q2 2013, due to the reliability of production at Pluto LNG and the re-start of the Vincent FPSO in late 2013. 

Compared to Q1 2014, production volumes were up 2.2% due to higher LNG volumes produced at Pluto, and sales volumes were 7.3% lower mainly due to the timing of shipments.

Shell shareholding

During Q2 2013, Woodside entered into an agreement to reduce the shareholding of Shell Energy Holdings Australia Ltd (Shell) by way of a sale on market by Shell of 78.3 million shares in Woodside and a buy-back of 78.3 million shares held by Shell in Woodside, subject to shareholder approval.

Subsequent to the end of the quarter, Woodside advised that its subsidiary Woodside Energy Trading Singapore Pte Ltd had signed a binding LNG Sale and Purchase Agreement with Cheniere Energy Inc. subsidiary, Corpus Christi Liquefaction LLC.

Under the agreement, Woodside will purchase approximately 0.85 million tpa of LNG from the Corpus Christi Liquefaction Project on start up of the second train at the LNG export facility being developed

near Corpus Christi, Texas. The Corpus Christi Liquefaction Project is planned to include up to three LNG trains with a combined production capacity of 13.5 million tpa. LNG will be purchased on a free on board basis. Cargoes to Woodside from the facility are expected to start in 2019.

Development activities

Woodside continued basis of design (BOD) activities on the proposed Browse floating LNG (FLNG) development, which involves undertaking all of the studies and work required by the Browse Joint Venture participants to be in a position to consider entering the front-end engineering and design (FEED) phase of the development on schedule in the second half of 2014.

Thee Browse FLNG Development’s Australian Industry Participation Plan was approved by the Australian Industry Participation Authority in May. In June, the Browse Joint Venture submitted renewal applications for the State and Commonwealth Browse retention leases in line with the requirements of the relevant State and Commonwealth legislation.

Away from Australia, Woodside undertook consultation activities with First Nations, government and community stakeholders in British Columbia, Canada, during the quarter, as it continued to assess the feasibility of an LNG development on Grassy Point. Woodside progressed environmental and regulatory approval obligations under the Sole Proponent Agreement including filing an application to commence technical investigations on the Grassy Point site.

Regarding Sunrise LNG, during the quarter the Timor-Leste and Australian Governments remained engaged in a dispute relating to the Treaty on Certain Maritime Arrangements in the Timor Sea in accordance with the dispute resolution procedure in the Timor Sea Treaty. Woodside remains committed to developing Greater Sunrise once government alignment is achieved.

LNG processing revenue

LNG Processing Revenue in the Half-Year 2014 is anticipated to be in the range of AU$ 90 million to AU$ 100 million.

Adapted from press release by

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