Woodside Posts 46.4% Increase in Sales Revenue to $1.95B for 3Q 2014
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.
WHAT DO YOU THINK?
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.
- The US Cannot Make Enough Fuel
- UK Activists Stop Russian Tanker With $36.5M Of Diesel
- Henry Hub Price Expected to Average $8.69 in 3Q
- Germany to Stop Russian Oil Imports
- No Offshore Oil Auctions Devastating To Americans, NOIA Says
- Market Searching for Coherent Direction
- Aramco Sets New Quarterly Earnings Record
- USA Adds Flurry of Rigs
- Edison Chouest Offshore Tagged For Empire Wind SOV Charter
- Peterhead Carbon Solution To Provide $1.5Bn To UK Economy
- Ban on Excessive Gasoline Prices Heading for Vote
- This Is Where the Oil Price Would Be Without the War
- Ukraine Disrupts Gas Deliveries to Europe for First Time
- The US Cannot Make Enough Fuel
- Biden Scraps Offshore Oil Auctions
- Sabic Sees Profit Hit by Costs
- Europe Looks To Africa For More Gas As E&P Reconsiders Projects
- China Is Spoilt for Choice of Oil
- Aramco Overtakes Apple
- Shell Sells Russian Retail And Lubricants Business To Lukoil
- Oil Tanker With 750 Tons Of Diesel Sinks Off Tunisia
- Oil and Gas Discovery Confirmed at Hamlet
- Be Prepared to Pay More at the Pump from June
- Ban on Excessive Gasoline Prices Heading for Vote
- Top Headlines: Be Prepared to Pay More at the Pump from June
- Gas Prices Could Rocket in the Near Term
- This Is Where the Oil Price Would Be Without the War
- Exxon Does It Again - Three More Discoveries Offshore Guyana
- Top Headlines: Gas Prices Could Rocket in Near Term and More
- Europe Braces for Diesel Deluge