Woodside's 4Q 2015 Output Up 6.4%, Revenue Falls 37.3% on Lower Oil Prices

Turning to the NWS development, drilling at the Persephone field commenced in the quarter, with the project scheduled for operations in early 2018, while first gas from the Greater Western Flank Phase 2 Project, which gained approval for development in December, is expected to commence in the second half of 2019. Woodside added that FEED activities for the Lambert Deep project is continuing to support a planned FID in the first half of this year.

In an update on its exploration activities, Woodside indicated that planning is underway to drill two oil targets in permit WA-472-P in the Beagle Sub-basin off Western Australia. The company confirmed that results of the Hongge-1 prospect drilled late last year offshore South Korea has resulted in a non-commercial discovery.

Over in Myanmar, where Woodside made a gas find at Shwe Yee Htun-1 exploration well in Block A-6 in then Rakhine Basin earlier this month, the firm has spud the Thalin-1 well in Block AD-7 Jan. 20. Extensive 2D and 3D seismic surveys are underway over Blocks A-4,A-7, AD-2 and AD-5 and will continue into 2Q 2016.