Woodside Delivers Higher Revenues

Despite a slight fall in production Australian oil and gas company Woodside Petroleum Ltd. has recorded revenue increases in the quarter to end-March.

Perth-based Woodside said Thursday output fell by almost 1 percent against the previous quarter to 23 million barrels of oil equivalent, due to lower LNG volumes produced at the Pluto operation in Western Australia.

However, revenue was 1.6 percent higher against the previous quarter, and almost 16 percent ahead of the corresponding period a year ago to $1.67 billion (AUD $1.79 billion), a result primarily due to additional sales of oil volumes and higher prices for LNG from Pluto.

Meanwhile, Woodside said it had started development of an Environmental Impact Statement (EIS) for its Browse floating LNG development in WA, and expected to complete a draft in the second half of 2014.

The company added that its Browse partners, which include Royal Dutch Shell plc, PetroChina, Mitsubishi and Mitsui, would also consider a start to initial engineering and design work in the second half.

In Israel, Woodside is continuing talks with its joint venture partners and the Israeli Government over the Leviathan gas field project. On March 27, Woodside missed a target to complete the deal and has made little progress since.

“Discussions continue with the parties and the Israeli Government with a view to resolving the remaining issues and executing definitive agreements,” Woodside said in a statement.


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