Woodside's Sales Revenue Reaches $1.69B in 2Q 2014, Up 24.8% YOY

Australia's Woodside Petroleum Ltd.'s sales revenue reached $1.679 billion in the second quarter of 2014 (2Q 2014), up 24.8 percent from the previous year, with the increase due to additional oil volumes sold primarily from the Vincent field and higher realized prices for Pluto liquefied natural gas (LNG) volumes sold in the period, the company said in its latest quarterly report.

Production volumes grew 17.5 percent to 23.5 million barrels of oil equivalent (MMboe), while sales volume rose 6.4 percent to 21.5 MMboe, with the firm citing more reliable production from Pluto LNG and the re-start of Vincent floating production, storage and offloading (FPSO) for the increase.

Turning to development projects, Woodside is progressing work on the basis of design (BOD) for the Browse floating LNG (FLNG) project offshore Western Australia. When completed, the BOD will enable the Browse Joint Venture participants to consider entering the front-end engineering and design (FEED) phase of the Development as planned in 2H 2014.

Over in the North West Shelf (NWS), Woodside continues with FEED activities for the Persephone gas development with a Final Investment Decision planned for 2H 2014. The project involves a subsea tieback to the North Rankin Complex.

Meantime, fabrication and pipeline installation for the Greater Western Flank Phase 1 Project in the NWS was completed during the quarter. Subsea subsea installation is expected for completion by 4Q 2014, with the project on budget and on track to start-up in early 2016.

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