Woodside Petroleum Limited (ASX:WPL) released FY18 Second Quarter update

The Company released its second quarter report for the period ending 30 June 2018 and delivered a production of 22.1 MMboe and sales revenue of $1,082 million. The main highlight of the period was the start-up of LNG production from Wheatstone Train 2.  From the starting of the June month, Wheatstone Train 2 has achieved high production rates, building on the continuing operational success at Train 1. Further, output from Wheatstone, along with oil and gas from the Greater Enfield and Greater Western Flank Phase 2 developments, will contribute to targeted production of approximately 100 MMboe in 2020.

The Group entered into a non-binding MOU for the supply of approximately 125 TJ/d of domestic gas over 20–25 years underpinned by the proposed Scarborough development. In fact, Pluto LNG again provided an outstanding result for the quarter, achieving 100% reliability and an annualised production rate of 5.2 million tonnes per annum. The Group received tender responses for key contracts supporting the SNE Field Development-Phase 1, offshore Senegal.

It is expected that the Group will enter into a preliminary tolling agreement between the NWS Project participants and Browse Joint Venture in Q3 2018. With regards to Scarborough development, the Group has accelerated target ready for start up to 2023 for the upstream component and 2024 for the downstream to maximise the market opportunity. ASX:WPL price declined marginally and traded at $34.255 (as on 19 July 2018; 04:00 PM AEST).


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