Woodside Posts 46.4% Increase in Sales Revenue to $1.95B for 3Q 2014

Woodside Posts 46.4% Increase in Sales Revenue to $1.95B for 3Q 2014
Woodside posts 46.4% increase in sales revenue to $1.95 billion for the third quarter of this year.

Australia's Woodside Petroleum Ltd. posted a 46.4 percent increase in sales revenue to $1.95 billion for the third quarter of 2014 (3Q 2014) compared to the previous year, with the gain attributed to additional oil volumes sold primarily from the Vincent oil field and higher realized prices for Pluto liquefied natural gas (LNG) volumes sold during the period.

Production volumes rose 15.1 percent to 25.2 million barrels of oil equivalent (MMboe) in 3Q 2014, up from 21.9 MMboe a year ago, while sales volumes climbed 17.2 percent to 24.5 MMboe from 20.9 MMboe, with the increase predominantly due to higher LNG reliability at the North West Shelf (NWS) and Pluto gas fields and the restart of the Vincent FPSO in late 2013.

On development projects, Woodside has concluded a key basis of design documentation for the proposed Browse floating LNG (FLNG) Development offshore Western Australia. The firm is progressing engineering and non-technical activities to be in a position to make a recommendation on entering front-end engineering and design late in 2014.

In NWS, Woodside indicated that it is continuing key design activities for the Persephone Development ahead of a final investment decision scheduled for 2H 2014. The project, which is the next major gas development for the NWS Project, involves a subsea tieback to the North Rankin Complex.

Meanwhile, subsea installation and topside modifications is still in progress at the Greater Western Flank Phase 1 project, with subsea installation expected to be completed by 4Q 2014 and project on track for an early 2016 start-up.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
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.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Petrofac Suspends Group Chief Operatin... (May 25)
 -  EnQuest On Track For Kraken First Oil ... (May 25)
 -  Energean Signs Lease Agreement for Exp... (May 25)
 -  Seadrill CEO Praises Workforce (May 24)
 -  Serinus Shuts-In Sabria Field Due to S... (May 23)


Most Popular Articles

From the Career Center
Jobs that may interest you
Financial Reporting Analyst
Expertise: Accounting
Location: Houston, TX
 
Director Downhole Tool Engineering
Expertise: Electrical Engineering|Engineering Manager|MWD / LWD
Location: Houston, TX
 
Field Specialist
Expertise: Field Development|Field Service Tech
Location: Dickinson, ND
 
search for more jobs

Brent Crude Oil : $51.46/BBL 4.63%
Light Crude Oil : $48.9/BBL 4.78%
Natural Gas : $3.18/MMBtu 0.90%
Updated in last 24 hours