Woodside picks up annual production

Woodside picks up annual production

LNG player Woodside posted a record annual production of 95.1 million barrels of oil equivalent (MMboe), up 9.3% on 2013.

According to a statement by the company, Woodside’s annual sales revenue also hit a record of $7,076 million, up 11% on previous record of $6,348 million, in 2012.

Production volumes for the fourth quarter of 2014 were 7.1% lower, predominantly due to lower LNG and condensate volumes associated with the NWS Train 1 planned shutdown, partially offset by increased oil volumes reflecting the company’s focus on reliability, the statement said

Sales volumes were 1.6% lower due to lower production, partially offset by timing of shipments. Sales revenue for the quarter was 10.1% lower reflecting lower LNG sales volumes and lower oil prices, partially offset by higher oil sales volumes.

The average Brent price for the quarter was US$77.07/bbl, 25.5% below the US$103.46/bbl average price in the previous quarter.

Woodside’s production target range for 2015 is 84 – 91 MMboe, comprising a product split of approximately 38% Pluto LNG, 26% NWS LNG, 15% NWS Domestic gas and 21% condensate, oil and LPG. This range does not include production from the Balnaves oil project.

LNG World News Staff; Image: Woodside

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