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Woodside output sinks



By Upstream staff 

Australia’s Woodside Petroleum said today its fourth-quarter output fell 5% from a year ago due to natural field decline and repairs at two of its fields.

Still, quarterly output of 18 million barrels of oil equivalent was up 2% on the previous quarter, bringing full-year production to a record 70.6 million boe, in line with an earlier forecast of between 70-71 million boe.

Perth-based Woodside said in its fourth-quarter report that sales revenue for the September to December quarter rose 7% from a year ago to A$1.17 billion (US$1.02 billion), boosted by record high oil prices, bringing its full-year revenue to a record A$4 billion.

Woodside, 34% owned by Anglo-Dutch Shell, reaffirmed its November forecast for 2008 production to be between 80-86 million boe.

Increased production is expected to come from a full-year of output at the Stybarrow field and the ramp-up of the Otway gas field, both off the coast of Western Australia.

Woodside, which approved the A$12 billion Pluto liquefied natural gas project in July, saw the 80,000 barrels per day Stybarrow oilfield come onstream in November. Woodside has a 50% stake in the field, which is operated BHP Billiton.

The start up of a suite of other projects, including the Neptune field in the Gulf of Mexico, the Angel gas field and the fifth-train expansion of the North West Shelf Venture's liquefied natural gas project off Western Australia will also boost output in 2008.

Woodside said BHP, operator of the 50,000 bpd Neptune field, has advised that first oil for Neptune was expected late in the first quarter of 2008.

Shares in Woodside, which have jumped 32% last year on the back of high oil prices and the approval of its Pluto LNG project, fell 1.5% to A$48.56 by 0004 GMT, dragged lower by a sharp retreat in crude prices in New York yesterday.

Woodside said the production rate at its key Enfield oil project had dropped to about 30,000 bpd, from 50,241 bpd in the fourth quarter, after a production well was shut down due to a build up of sand.

Woodside said combined production from its Laminaria and Carollina fields off Western Australia fell to 4603 bpd from 19425 bpd in the previous quarter due to a gas leak. Repairs are scheduled to be completed by the third quarter this year.

But its key development projects, such as the expansion of North West Shelf LNG project, the startup of the Angel field and Vincent oil project were on schedule.

Woodside, which has two other proposed offshore LNG projects in the works, has said it expects little growth in 2009 and 2010 before a jump in output as Pluto project comes onstream.

Wednesday, 16 January, 2008, 23:29 GMT  | last updated: Thursday, 17 January, 2008, 02:43 GMT

Oz output: from Woodside
 

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