Woodside of Australia recorded a 43% increase in production in the second quarter compared to the prior quarter, due to the successful rampup of the Pluto LNG Plant and high reliability from the foundation business.
Woodside CEO Peter Coleman said that following commissioning in March the Pluto LNG Plant had achieved superior performance compared to the expected ramp-up.
“This quarter saw continued strong performance from the foundation business further enhanced by Pluto production, which has exceeded expectations with the delivery of eight LNG cargoes,” Mr Coleman said.
“This performance is testament to the capabilities of our operations team and, together with higher planned utilisation in the second half, has resulted in an increase to our 2012 production target from a range of 73 to 81 MMboe to a higher range of 77 to 83 MMboe.
“The balance sheet will also be strengthened by the sale of a minority portion of Woodside’s interest in the proposed Browse LNG Development to Japan Australia LNG (MIMI Browse) Pty Ltd (MIMI) for $2 billion. The sale is expected to be completed in the second half of 2012.”
- Production was 43% higher than the previous quarter, predominantly due to start-up of the Pluto LNG Plant and better reliability from the Vincent oil field. In addition, Q1 2012 had been negatively impacted by higher than expected cyclone activity and North Rankin Redevelopment activities. The Q2 2012 increase was partially offset by lower availability at the North West Shelf (NWS) from planned maintenance shut-downs of LNG Train 4 and the Trunkline Onshore Terminal.
- While the produced volume for the quarter was 20.1 MMboe the sales volume of 18.6 MMboe was 1.5 MMboe lower due to timing of cargo liftings and delivery. Sales volumes were 28% higher than the previous quarter, while revenue was 20% higher with the second quarter experiencing lower realised prices.
- Production volumes were 23% higher compared to the previous corresponding period, while the revenue increase was 14% as a result of the timing of cargo liftings and lower realised prices. The average Brent price for the quarter was $108.76/bbl, down 7% from $116.99/bbl in the previous corresponding period.
LNG World News Staff, July 19, 2012; Image: Woodside