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Australian Woodside Revises Upward Its Target Production
=To 77-83 million boe due to strong Pluto production
In the second quarter 2012 report (April-June 2012), which was announced by Australian Woodside Petroleum Ltd. on July 19th, the company revised upward its crude oil and gas production target for 2012, taking into account steadily growing production at Pluto LNG project that Woodside serves as the operator.

Woodside had so far estimated that 17-21 million barrels of oil equivalent (boe) will be produced at Pluto project in 2012. However, it revised up to 20-23 million boe at this opportunity. It also raised the forecast about its total production from 73-81 million boe to 77-83 million boe.

At Pluto LNG Project, which started production at the end of April, capable of producing 4.8 million tons per year of LNG, produced about 600,000 tpy of LNG in the second quarter. Out of these production, 4-5 cargoes were sold to Kansai Electric Power Company and Tokyo Gas Co., Ltd. based on long term sale and purchase agreements. In addition, one cargo each was sold to Tokyo Electric Power Company (TEPCO), Shell and Kuwait Petroleum Corporation (KPC) on a spot basis.

Initially, Woodside estimated that production facilities at Pluto Project during the period will run at lower level of 36% of capacity in view of the fact that production just started up. However, the operations rate turned out to be high level of as much as 80% of capacity, which made it possible for the company to sell LNG on a spot basis.

Besides Pluto, partly because its crude oil production at the Vincent gas field in Australia significantly exceeded those in the same period of the previous year, its crude oil and gas production according to its equity shares in the projects reached 20.12 million boe with an increase of 23% from the corresponding period of the preceding year. Meanwhile, in spite of the fact that its selling prices went down on account of decline in Brent crude oil prices, its sales amount during the period rose by 14% to US$1,431million from a year ago.

On the other hand, its LNG production in the second quarter at North West Shelf (NWS) stayed at 558,000 MT, down 17.7% from the same period of the prior year. Also number of its shipments dropped to 57. These were substantially affected by periodical maintenance at No.4 train. For the same reason, its LPG production and sales fell below those in the same period of last year.

In the meantime, in an effort to expand Pluto LNG Project, Woodside had worked on drilling two gas fields, WA-433-P and WA-389-P, but without success. Additional exploration well in Ananke-1 (WA-269-P) will follow in the third quarter of 2012. Woodside is expected to continue discussion with other resource companies in order to procure feedstock gas.
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last modified : Fri 27 Jul, 2012 [10:55]
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