Oil and Gas News

Woodside merger doubles production

Woodside HQ

Woodside has outlined in its second quarter report that its massive increase in gas production has been a result of the merger with BHP.

The merger with BHP’s petroleum (BHPP) business was completed on 1 June 2022, and has resulted in changes to Woodside’s operational capacity.

According to Woodside’s quarterly report, BHPP assets contributed 53 per cent of total production volumes in June 2022, which more than doubled from May.

As a result of the merger, Woodside transformed into a top 10 global independent energy producer by hydrocarbon production.

Overall production and revenue rose 60 per cent and 44 per cent respectively from the first three months of 2022.

All major equipment items have been procured for Scarborough and the Pluto Train 2 in Western Australia. Equipment included compressors, generators and turbines. The Pluto Train 2 site has commenced construction.

Pipeline manufacturing is 25 per cent completed, and the subsea trees for the initial project have been completed.

Mooring for the floating production and offloading (FPSO) vessel for Sangomar has been fully installed. The second drillship for the Sangomar field, the Ocean Blackhawk, began drilling in July.

Gas from the Pluto project was accelerated and transported through the Pluto-Karratha Gas Plant Interconnector, boosting LNG production.

Woodside’s updated reserves statement, which will take into account assets acquired as part of the merger with BHP, is expected to be released at the end of August.

Gas from Bass Strait sites was redirected in June, increasing capacity by 100 per cent and supplying additional gas to the eastern Australian domestic gas market.

Woodside is now the largest energy company on the Australian Securities Exchange.

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