Woodside Sees Increase in First Quarter Revenue

Woodside Petroleum reported first quarter sales revenue of A$620.9 million, up from A$472.3 million in the same period a year ago. The North West Shelf joint venture reported and increase in sales revenue from all its gas and liquids developments compared with a year ago.

Domestic gas production from the North West Shelf was above expectation at 602 terajoules per day due to higher demand from Western Australian gas retailer AlintaGas and BHP Billiton. Liquefied natural gas production from the North West Shelf was in line with expectations at 21,893 tons per day, while condensate production was above expectation at 119,202 barrels per day (bpd) due to a higher contribution from the Goodwyn platform. Oil production from the floating Cossack Pioneer facility was also higher than expected at 111,964 bpd due to a lower actual reservoir decline than forecast.

Woodside said production at the Laminaria, Corallina and Legendre oil fields was in line with expectations, although output from all three developments is declining as a result of the expected natural reservoir decline. The six equal partners in the North West Shelf are operator Woodside, BHP Billiton, ChevronTexaco, BP, Japan Australia LNG and Shell Group.