Oz Woodside's 3Q Revenue Up 25% on Year

Australia’s Woodside October 18 reported a 25% year on year increase in revenue during the quarter that ended September 30 (3Q2018) thanks to higher product prices.

Woodside’s 3Q revenue was $1.16bn compared with $923mn a year ago. Production was 23.1mn barrels of oil equivalent (mmboe) as against 20.3mn boe in the corresponding period last year. “Production at Wheatstone LNG continued ahead of plan, underpinning a 13.8% rise in output compared with the corresponding quarter in 2017,” Woodside CEO Peter Coleman said.

Coleman said execution of preliminary tolling agreements between the North West Shelf Project participants and both the Browse joint venture and the Clio-Acme titleholders are expected shortly. Browse joint venture partners are Woodside (operator) 30.6%, Shell 27%, BP 17.33%, a Mitsui-Mitsubishi joint venture 14.4% and PetroChina 10.67%. 

Earlier this month Woodside said KBR will undertake 'concept definition engineering contract' for the two gas production vessels (FPSOs) for the proposed Browse to North West Shelf (NWS) development offshore Australia. Pipeline survey contract has been awarded to Neptune Geomatics.