Oil and Gas News

Woodside celebrates outstanding production record

Woodside has delivered record full-year production of 100.3 million barrels of oil equivalent (MMboe) and its best-ever safety performance despite the difficult external conditions of 2020.

Chief executive officer Peter Coleman outlined in Woodside’s full-year 2020 results report that the company topped 100 MMboe for the first time in its history.

“Strong production outcomes were delivered even though we weathered a direct hit from Tropical Cyclone Damien in February, followed by operational challenges posed by the pandemic,” Coleman said.

“The decisions to defer the targeted final investment decision (FID) on our Scarborough and Pluto Train 2 developments and the review of the value of our assets were appropriate responses to extraordinary market uncertainty caused by the pandemic and lower oil and gas prices.”

Coleman further highlighted that Woodside’s disciplined balance sheet management resulted in the safeguard of its financial resilience and positioned the company to take advantage of emerging growth opportunities as markets recover.

“Significant milestones were achieved on our Australian growth projects over the course of 2020. Our teams delivered outstanding execution of the Pxyis Hub and Julimar-Brunello Phase 2 drilling campaigns, which will develop new gas supplies for Pluto and Wheatstone,” Coleman explained.

“Scarborough remains firmly on track for a targeted FID in the second half of 2021, with around 50 per cent of our expected equity gas production now under contract. In the second half of the year, we seized the opportunity to optimise the project schedule and increase the offshore capacity of Scarborough by approximately 20 per cent to 8 million tonnes per annum of LNG, adding considerable shareholder value to an already world-class development.”

In addition, Woodside outlined its priorities for the Scarborough project this year, including: executing remaining commercial agreements; sell-down Pluto Train 2; and secure remaining environmental approvals and agreements with the government to target FID in .