Woodside Achieves Record Oil Production as Pluto Outperforms
Woodside Petroleum disclosed Thursday that it has achieved record production output and sales revenue for the full-year 2012, as the performance of its flagship Pluto liquefied natural gas (LNG) plant offshore Western Australia exceed expectations since start up in April last year.
The Perth-based company noted in a statement that its annual output for 2012 is up 31 percent year-on-year at 84.9 million barrels of oil equivalent, while its revenue for the same period increased 30 percent to $6.2 billion.
Commenting on the company's performance, Woodside's CEO, Peter Coleman, said: "Our full-year production levels clearly demonstrate what a game-changer Pluto is for Woodside, with production levels consistently above our expectations."
Coleman added: "It has resulted in a step-change in our annual sales revenues, positioning us to pursue value-adding growth opportunities such as potential LNG developments in Israel and exploration activities in Myanmar."
Woodside is making a series of bold bets on the natural gas front this year, as major economies in Asia – such as Japan and South Korea – move towards incorporating LNG into their fuel mix for power generation.
The company reached an in-principle agreement in December last year to acquire a 30 percent participating interest in the 349/Rachel and 350/Amit petroleum licenses, which contain the mammoth Leviathan gas field offshore Israel.
In the fourth quarter of last year, Woodside's offers to acquire an interest in blocks AD-7 and A-6, offshore Myanmar; were also accepted. Entry into the blocks gives Woodside the opportunity to acquire 3D seismic in 2013/14, with options to drill exploration wells in subsequent exploration periods. AD-7 is operated by South Korea's Daewoo, while A-6 is operated by India's MRPL E&P.
Meanwhile, Woodside is in the midst of evaluating tender bids for onshore and offshore infrastructure for the Browse LNG project. The company will make its final investment decision on the project in the first half of this year.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- UK Oil Regulator Publishes New Emissions Reduction Plan
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- PetroChina Posts Higher Annual Profit on Higher Production
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- McDermott Settles Reficar Dispute
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- USA Oil and Gas Job Figures Jump
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea