Woodside Petroleum Ltd — Updates on exploration activities and asset improvement

Updates on exploration activities and asset improvement: Woodside Petroleum Ltd (ASX: WPL) reported a 6.4% year on year (yoy) increase of production to 24.9 MMboe in the fourth quarter of 2015. On the other hand, WPL’s sales revenue fell by 37.3% yoy to $1,105 million during the quarter on the back of ongoing oil prices pressure. The group is incurring impairment charges in the range of $1,000 million to $1,200 million in pre-tax of 2015 fiscal year. Woodside Petroleum production also fell by 3% in 2015 fiscal year to 92.2 MMboe against the 95.1 MMboe in 2014 fiscal year affected by the decreased volumes in Balnaves oil asset on the back of natural reservoir decrease, but the impact was partly offset by better LNG and condensate volumes from the North West Shelf (NWS) Project. The group delivered annualized loaded LNG production rate equal to 4.9 mtpa at Pluto LNG (100% project), which is better than the average estimated annual production capacity of 4.3 mtpa forecasted by WPL during FID in 2007. Woodside Petroleum also started production from the Greater Western Flank Phase 1 Project and got approval worth of US$2.0 billion for Greater Western Flank Phase 2 Project off the north-west coast of Australia. WPL even found gas in its Myanmar’s Shwe Yee Htun-1 exploration well at Block A-6 in the Rakhine Basin and finished the excess of 6,800 square kilometers of 3D seismic. Woodside Petroleum is also raising funds by making bilateral debt agreements worth of US$350 million. WPL also confirmed that first LNG from its Wheatstone Project would be by middle of 2017 and Julimar Project would supply gas to the onshore plant.To read the complete report click here

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