Australia’s Woodside Petroleum Ltd. posted a 46.4 percent increase in sales revenue to $1.95 billion for the third quarter of 2014 (3Q 2014) compared to the previous year, with the gain attributed to additional oil volumes sold primarily from the Vincent oil field and higher realized prices for Pluto liquefied natural gas (LNG) volumes sold during the period.
Production volumes rose 15.1 percent to 25.2 million barrels of oil equivalent (MMboe) in 3Q 2014, up from 21.9 MMboe a year ago, while sales volumes climbed 17.2 percent to 24.5 MMboe from 20.9 MMboe, with the increase predominantly due to higher LNG reliability at the North West Shelf (NWS) and Pluto gas fields and the restart of the Vincent FPSO in late 2013.
On development projects, Woodside has concluded a key basis of design documentation for the proposed Browse floating LNG (FLNG) Development offshore Western Australia. The firm is progressing engineering and non-technical activities to be in a position to make a recommendation on entering front-end engineering and design late in 2014. In NWS, Woodside indicated that it is continuing key design activities for the Persephone Development ahead of a final investment decision scheduled for 2H 2014.
The project, which is the next major gas development for the NWS Project, involves a subsea tieback to the North Rankin Complex. Meanwhile, subsea installation and topside modifications is still in progress at the Greater Western Flank Phase 1 project, with subsea installation expected to be completed by 4Q 2014 and project on track for an early 2016 start-up.