Woodside's Revenue Falls to $1.65B in 4Q 2013, Down 6.7% YOY

Woodside's Revenue Falls to $1.65B in 4Q 2013, Down 6.7% YOY

Australia's Woodside Petroleum Ltd. posted a revenue of $1.648 billion in the fourth quarter of 2013, down 6.7 percent from the $1.767 billion recorded in the corresponding period in 2012, with the decline attributed to lower sales volumes, the firm said in its latest quarterly report released Thursday.

Woodside's sales volume in 4Q 2013 dipped 11.2 percent to 23 million barrels of oil equivalent (MMboe), compared to 25.9 MMboe in the previous year, while its production volumes for the quarter stood at 23.2 MMboe, down 4.5 percent from 24.3 MMboe a year ago.

Lower production was due mainly to the Vincent FPSO (floating production, storage and offloading) vessel being mostly off station and natural field decline at other oil assets. More oil production is expected in 2014 as the Vincent FPSO has restarted operations Nov. 29, 2013.

Meanwhile, the basis of design (BOD) work in relation to the floating LNG (FLNG) development concept for Browse liquefied natural gas (LNG) project is continuing and the joint venture hopes to be in a position to consider the commencement of front-end engineering and design (FEED) in relation for the FLNG development concept in 2H 2014.

Over in Australia's North West Shelf (NWS), Woodside said the Greater Western Flank Phase 1 project continued with fabrication, drilling and completion activities and the project is 63 percent complete, with start-up scheduled for early 2016.

The Persephone gas development for the NWS Project continued to undertake FEED activities after entering FEED in 3Q 2013. A final investment decision for the Persephone project, which involves a subsea tieback to the North Rankin Complex (North Rankin A and North Rankin B), is planned for 2H 2014.

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