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Woodside release 3Q report 2018

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LNG Industry,

Woodside has released its 3Q report for the period ended 30 September 2018.

Outstanding base business

  • Delivered production of 23.1 million boe and sales revenue of US$1.16 billion.
  • Continued to produce ahead of plan at Wheatstone LNG.
  • Entered into three binding domestic gas sales and purchase agreements for 80 Pjs over 10 years.
  • Delivered the 5000th North West Shelf Project LNG cargo.
  • Achieved 99% reliability at the Nganhurra FPSO (Enfield oil).

Delivering a clear plan across three horizons

  • Commenced concept definition phase for Browse to North West Shelf.
  • Selected Bechtel as preferred EPC contractor to progress concept definition work for Pluto Train 2.
  • Submitted the Evaluation Report to the Government of Senegal for SNE Field Development-Phase 1.
  • Encountered a significant gas column in the Shwe Yee Htun-2 appraisal well offshore Myanmar.

Woodside CEO Peter Coleman said Wheatstone had made a strong contribution to production in the third quarter.

“Production at Wheatstone LNG continued ahead of plan, underpinning a 13.8% rise in output compared with the corresponding quarter in 2017. Sales revenue increased 25.4% over the same period to US$1.16 billion on the back of higher prices, although sales volumes were tempered slightly by the timing of Woodside equity sales.

“During the quarter we made excellent progress on our near-term growth projects at Greater Western Flank Phase 2 and Greater Enfield, further demonstrating our capability to successfully execute our next phase of developments in Senegal and the Burrup Hub.

“In September, the Browse Joint Venture confirmed the Browse to North West Shelf development concept. Contracts have now been awarded for the concept definition engineering design of the FPSO facilities and for the pipeline survey. Execution of preliminary tolling agreements between the North West Shelf Project participants and both the Browse Joint Venture and the Clio-Acme titleholders are expected shortly.

“We have also selected our preferred execution contractor for the proposed expansion of the Pluto LNG facility. Work will now include refining the concept and costs for Pluto Train 2, in preparation for the entry into frontend engineering and design, targeted for the first quarter of 2019.

“Looking ahead in Senegal, we are on schedule to submit the SNE Field Development and Exploitation Plan and expect to assume operatorship of the development in the fourth quarter,” he said.

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