Woodside producton falls in June Q
PERTH (miningweekly.com) – Australian oil and gas major Woodside Energy has reported a decrease in both production and sales volumes during the second quarter ended June, as the Pluto and North West Shelf (NWS) operations decreased output.
During the quarter under review, production reached 20.1-million barrels of oil equivalent, a 7.8% decline on the previous quarter and a 14.5% decline on the previous corresponding period.
Woodside told shareholders on Thursday that the production volumes were affected by lower liquefied natural gas (LNG) volumes from the Pluto operation, associated with a planned turnaround, as well as lower LNG volumes at the NWS operation, associated with an unplanned outage.
The lower LNG output was partially offset by increased oil volumes predominantly associated with new oil production from the Balnaves operation.
The decline in production resulted in sales volumes declining by 18.4% during the quarter, compared with the previous quarter, to reach 19.5-million barrels of oil equivalent. This was also down by 9.3% on the previous corresponding period.
Sales revenue also declined by 36.2% quarter-on-quarter, reaching $898-million during the second quarter of 2015, down also by 46.5% on the previous corresponding period.
Woodside noted that the lower sales revenue reflected not only the lower LNG and condensate sales volumes, but also lower realised prices.
For the full 2015, Woodside expected production to reach between 86-million and 94-million barrels of oil equivalent, with the forecast including production from the recently acquired Balnaves oil field and Canadian pipeline natural gas production.
Woodside in December of last year struck a deal with international oil major Apache Corporation, valued at $2.75-billion, to acquire its 13% share in the Wheatstone LNG project, its Balnaves oil interest, and its Kitimat LNG project, in Canada.
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