logo-loader

Woodside Petroleum upgrades production guidance

Last updated: 08:00 16 Oct 2014 BST, First published: 07:00 16 Oct 2014 BST

au_north_west_shelf_lng_350_543f2fc6a4116

Woodside Petroleum (ASX:WPL) has proven the value of its liquefied natural gas projects by upgrading its full-year 2014 production guidance to between 93 million and 95 million barrels of oil equivalent (MMboe).

This is up from previous guidance of between 89MMboe and 94MMboe provided by Australia’s second largest oil and gas producer.

Woodside had reported a 15.1% increase in its September quarter production to 25.2MMboe over the previous corresponding quarter due to higher LNG and condensate volumes at its Pluto and North West Shelf projects.

Sales revenue for the quarter was US$1,959 million, up 16.7% on the second quarter of 2014, and up 46.4% on the third quarter 2013.

Earlier this month, the company finalised an agreement with Noble Energy and Glencore to farm in to the Tilapia Production Sharing Contract offshore Cameroon.

In the September quarter, it acquired a participating interest in an exploration, exploitation and production sharing contract for Block F15 in the Gabon Coastal Basin and signed an LNG Sale and Purchase Agreement to purchase about 0.85 million tonnes of LNG per annum from Cheniere Energy’s Corpus Christi Liquefaction Project.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

Accesso's landmark deal with SEVEN marks strategic growth in the Saudi Market

Accesso Technology Group PLC (AIM:ACSO, OTC:LOQPF) chief executive Steve Brown joins Proactive's Stephen Gunnion with details of a significant partnership with Saudi Entertainment Ventures (SEVEN). Brown noted the collaboration highlights accesso's strategy to grow its global footprint,...

3 minutes ago