Australian energy company Woodside Energy has marginally increased its annual production forecast following a 20% jump in quarterly production.

Production volumes reached a record 53.1mboe during Q3, up from 44.4mboe in the previous quarter.

The uptick is attributed to the swift ramp-up of operations at the Sangomar facility in Senegal and a surge in domestic gas demand during the season.

Woodside has revised its full-year production estimate to 189–195mboe, a slight adjustment from the previously projected range of 185–195mboe.

Woodside CEO Meg O’Neill said: “Our production for the third quarter was a record 53.1 million barrels of oil equivalent. The strong operational performance was underpinned by the accelerated ramp-up of Sangomar and exceptional performance at Pluto LNG and NWS, which recorded 99.9% and 99.2% reliability, respectively.”

Woodside's growth projects are also advancing, with the Scarborough energy project having reached 73% completion.

During the three months that ended 30 September 2024, Woodside reported a 13% increase in revenue to $3.67bn (A$5.49bn) from $3.25bn during the same period in 2023.

The average realised price for Woodside's oil in the September quarter climbed to $65 per barrel of oil equivalent (boe), an increase from $62/boe in the June quarter.

Earlier in the month, Woodside completed the acquisition of US liquefied natural gas (LNG) developer Tellurian, including its US Gulf Coast LNG export project, now known as Woodside Louisiana LNG, for $1.2bn. The company is aiming for final investment decision readiness from Q1 2025.

By the end of the year, Woodside is expected to publish a study detailing the costs of developing the Greater Sunrise gas project, which has faced delays due to disagreements with joint owner Timor Leste over the location of LNG processing.

Meg O’Neill said: "One of the challenges with Sunrise is given the size of the fields, the water depths, the distance from shore, the commerciality is pretty difficult for either concept, and so that is part of why we are doing this study."

"Woodside production outlook rises after record third quater" was originally created and published by Offshore Technology, a GlobalData owned brand.

 

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