Woodside's 3Q 2013 Production Falls 17.4% from Previous Year

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Australia's Woodside Petroleum Ltd. reported Thursday that its third quarter production dipped 17.4 percent from a year ago to 21.9 million barrels of oil equivalent (MMboe) from 26.5 MMboe due to lower sales arising from planned shipyard maintenance and unplanned outage.

Woodside said sales revenue in the 3Q 2013 fell 26.8 percent to $1.338 billion from $1.828 billion in the corresponding period last year. The firm cited lower oil sales as a result of Vincent FPSO (floating production storage and offloading) vessel being off station for scheduled shipyard maintenance, while liquefied natural gas (LNG) sales from Pluto declined as a result of unplanned outage at the beginning of the quarter. Condensate sales from North West Shelf also dropped due to the timing of shipments.

The company reported that production volumes in 3Q 2013 rose 9.5 percent compared to the previous quarter due to increased production at North West Shelf following the completion of scheduled maintenance on LNG Train 2 during the second quarter.

Woodside said progress was made on major projects during the third quarter. These included the agreement of the Browse Joint Venture partners to proceed with Basis of Design (BOD) work for the floating LNG (FLNG) development concept to commercialize the Browse gas fields. On the Pluto project, the joint venture approved the expenditure required for Phase 1 of the Xena field tie-in project, while the North Rankin Redevelopment Project start-up as planned.

"These milestones further demonstrate the progress we are making on our growth strategy," Woodside CEO Peter Coleman said in a press release.

Chee Yew has covered the upstream and downstream sectors of the oil and gas industry for over a decade. Email Chee Yew at cheeyew.cheang@rigzone.com

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