Pluto LNG Boosts Woodside's Bottom line

Woodside Petroleum has announced a 98% jump in its full year net profit after tax to $2.98 billion. The results highlight the ongoing strength of the company’s base business and the significant contribution Pluto LNG has made to the bottom line, the company said.

In 2012 Woodside produced 84.9 million barrels of oil equivalent – a record volume for the company. Pluto achieved 89% capacity utilisation against a 65% forecast, contributing 24 million barrels of oil equivalent to full year production.

Contingent Resources were down by 468.8MMboe to 1,745.2MMboe following the sale of a minority portion of its Browse fields though this may increase by about 890MMboe should the farm-in to the Leviathan field offshore Israel in 2013 be successful.

The company will be significantly increasing its exploration spend in 2013 to deliver the first part of our new long-term exploration plan.

In 2013, Woodside is planning to drill up to eight wells in Australia including two potential wells in the under-explored Outer Canning Basin and a prospect at Gumbo-1.

It will also be acquiring 3D seismic over our large permits in the Southern Beagle Sub Basin, which the company believes have both gas and liquids potential at a number of levels.

On the international front, it plans to join its Leviathan joint venture participants in drilling a deep oil well in the Levantine basin now targeted for early next year. In Myanmar, it is due to commence a 3D seismic survey over the A-6 permit later this month and expects to survey the AD-7 permit towards the end of the year.

In 2013, Woodside expects a production boost of 4 and 11% over last year.