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Woodside production tumbles in first quarter

Image shows the Woodside office

Photo by Bloomberg

21st April 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (Miningweekly.com) – Energy major Woodside has reported a 9% decline in production during the three months to March, compared with the previous quarter on the back of turnaround and maintenance activities.

The ASX-listed company on Friday reported that production in the quarter reached 46.8-million barrels of oil equivalent, with sales volumes reaching 50.4-million barrels of oil equivalent, a 4% decline from the fourth quarter of 2022, due to the lower production.

Revenue for the quarter was down 15%, to A$4.33-billion.


Compared with the previous corresponding period, production, sales volumes and revenue increased by 122%, 112% and 81% respectively driven by Woodside’s expanded operations portfolio following its merger with diversified miner BHP’s petroleum division.

Woodside CEO Meg O’Neill said Woodside delivered outstanding operational performance in the quarter, particularly at Pluto liquefied natural gas (LNG) where reliability averaged 99.9%.

“Our operations teams continued to achieve strong outcomes. Production was 122% higher than the corresponding quarter last year, demonstrating the significant value generated by the merger with BHP’s petroleum business.

“Production and revenue declined from the fourth quarter of 2022 primarily due to planned turnaround and maintenance activities at Australian assets and lower realised prices.

“We are making good progress on all major growth projects in Australia and globally. The Scarborough and Pluto Train 2 projects are now 30% complete, with construction of key offshore and onshore infrastructure ramping up. First concrete has now been poured on the Pluto Train 2 site. Engagement with stakeholders and regulators on secondary environmental approvals for offshore execution activities continued,” O’Neill said.

“The Sangomar development drilling program is nearing its half-way point, with ten of 23 wells completed. Installation and testing of the rigid flowlines, which total 101 km in length, were successfully and safely completed. This is a key milestone on the path to targeted first oil later this year.

“At the Trion project in the Gulf of Mexico, we have received tenders for key equipment and activities including the floating production unit, long-lead rotating equipment, subsea equipment, drilling rig and installation scopes as we target final investment decision readiness this year.”

O’Neill on Friday pointed out that the Mad Dog Phase 2 in the US Gulf of Mexico achieved a significant milestone with first production in April 2023. Mad Dog is one of several low cost producing assets for Woodside in the region with significant expansion potential and in close proximity to infrastructure and attractive markets.

The $9-billion Mad Dog Phase 2 project extends the life of the prolific Mad Dog oil field discovered in 1998, and is located 200 km off the coast of Louisiana in the US. The project has a gross production capacity of up to 140 000 b/d of crude oil.

“Within our new energy business, we continue to progress activities and approvals for our H2OK project in support of achieving final investment decision readiness this year,” she said.

The H2OK project, in Oklahoma, involves construction of an initial 290 MW facility, which will use electrolysis to produce up to 90 t/d of liquid hydrogen for the heavy transport sector. The location offers the capacity for expansion up to 550 MW and 180 t/d.

 

Edited by Creamer Media Reporter

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