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Woodside releases 1Q report

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LNG Industry,


Woodside has released its 1Q report for the period ended 31 March 2019.

Performance highlights

  • Delivered sales revenue of $1.22 billion and production of 21.7 million boe.
  • Commenced domestic gas production from Wheatstone LNG.
  • Secured additional debt funding through the issue of a 10-year $1.50 billion bond on the US Rule 144A/Regulation S market.

Delivering a clear plan across three horizons

  • Awarded the FEED contract for the SNE Field Development Phase 1 FPSO facility.
  • Subsequent to the period, Woodside signed a heads of agreement (HoA) with ENN Group for the sale of 1 million tpy of LNG for a period of ten years, commencing in 2025.
  • Completed construction of the Pluto truck loading facility.

Woodside CEO Peter Coleman said there had been significant progress on plans to develop the Burrup Hub, including a heads of agreement (HOA) with ENN Group that further demonstrated market support for the development of the Scarborough gas resource through an expansion of Pluto LNG.

“Woodside’s revenue increased 4% compared with the corresponding period in 2018 due to higher realised prices. Despite disruption to operations from cyclone activity, our cyclone preparedness ensured safety was maintained and the impact on production was minimised.

“Our Horizon II growth plans continued to progress this quarter with the award of several contracts for Scarborough and the first phase of the SNE development offshore Senegal.

“The ten-year HOA signed in Shanghai with ENN Group is expected to start in 2025 and is evidence of global demand for long-term LNG supply from our proposed Burrup Hub. This HOA with a growing Chinese gas distributor and retailer is in addition to the 20-year sale and purchase agreement for domestic gas supply we signed with Perdaman Chemicals and Fertilisers Pty Ltd in November last year.

“We are pioneering the development of new domestic markets for LNG in Western Australia. Our new truck loading facility at Pluto LNG was completed in March and will supply LNG for use in remote power generation and transport in the Pilbara and beyond, reducing regional emissions through the replacement of diesel fuel. We also reached a significant milestone in March with the start of domestic gas production at Wheatstone,” he said.

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/18042019/woodside-releases-1q-report/

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