Woodside’s revenue for the three months ending 31 March 2018, fell to US$895 million from $982 million a year earlier, and production fell to 21.4 MMboe from 24.2 MMboe.
Operationally, however, the firm’s North West Shelf onshore and offshore gas facilities achieved over 98% reliability, and production uptime for the Australian portfolio was over 90%.
During the quarter, Woodside executed mid-term liquefied natural gas (LNG) sales and purchase agreements for up to 16 cargoes from its portfolio for delivery in the period 2017-19.
It continued appraisal of the SNE field in Senegal, production testing of the Thalin field in Myanmar, and Pluto LNG expansion studies to develop concept options by mid-year.
CEO Peter Coleman said the first quarter demonstrated progress against the company’s 2017 priorities. “We continue to work with the Wheatstone operator on final onshore and offshore commissioning activities ahead of expected first LNG mid-year,” he said.
“Woodside’s significant appraisal and exploration programs in Senegal and Myanmar are underway. In Myanmar, our interpretation of seismic data has identified an additional low-cost exploration target with upside potential in block A-6, which contains the Shwe Yee Htun-1 discovery. This increases our Myanmar firm well schedule for 2017 to five.
“Operational performance remains strong with the North West Shelf gas facilities and the Nganhurra FPSO achieving 98% reliability during the quarter. Pluto production was approximately 5% lower than expected; a positive outcome given the significant weather impacts experienced during the quarter,” he explained.