Woodside’s production for its oil assets has decreased by 2 per cent during the first quarter of 2021 compared to the same quarter in 2020 as a result of weather.
Acting chief executive officer Meg O’Neill recorded its oil production at 23.7 million barrels of oil equivalent (MMboe) during the quarter, indicating a 1.2 MMboe decrease to the quarter before and a 0.5 MMboe drop from 2020’s first quarter.
However, outlined in the company’s first quarter results, the Woodside ramped up engineering and procurement activity, with its key contractors and progressed commercial agreement and approval to target a final investment decision in the second half of the year.
“We’ve also finalised the design concept for modifications to Pluto Train 1 which will enable the processing of up to 3 million tonnes per annum (Mtpa) of Scarborough gas. These modifications, combined with the 5 Mtpa capacity of Pluto Train 2, would enable full utilisation of the 8 Mtpa offshore capacity,” O’Neill highlighted.
“The gas processing agreements for Pluto and Waitsia gas, which will unlock further value from the North West Shelf project, are in place and we’ve committed to supplying significant additional domestic gas volumes to Western Australia from our equity offtake from 2025.”
In addition, the first quarter also marked the implementation of the company’s new energy strategy, where it sighed a memorandum of understanding with Tasmania in support of their proposed H2TAS renewable hydrogen production facility at Bell Bay.
“H2TAS is the subject of an application under the Australian Renewable Energy Agency funding round expected to be finalised in coming weeks,” O’Neill added.