Australia’s leading domestic oil and gas producer Woodside has announced a number of new innovations to allow it to tale advantage of its strong LNG position.

Announcing its full year results, the company said it is eyeing off a number of different avenues for potential new domestic markets for its Pluto LNG project.

Woodside CEO Peter Coleman said the company is also looking at potential expansion opportunities at the Pluto project in WA’s north-west.

“We are evaluating opportunities to maximise our investment in Pluto LNG by undertaking further capacity enhancements and mid-scale or large-scale expansion,” Mr Coleman said.

“In addition, we are planning for the construction of infrastructure that will enable us to supply LNG from Pluto to fuel the local mining and marine sectors. This is part of our broader objective of growing the LNG market.”

Woodside also reported that the company is looking forward to the first shipment of LNG from the Wheatstone LNG project in WA.

“We look forward to the first LNG cargo from Wheatstone in mid-2017, followed by the start-up of Train 2, six to eight months later. Wheatstone LNG is expected to provide more than 13 MMboe (Woodside share) of annual production once fully operational,” Mr Coleman said.

Woodside turned in a pleasing full year performance, announcing a net profit after tax (NPAT) of $868 million.

Mr Coleman said the company has performed exceptionally well in the past 12 months by exceeding production targets, reducing operating costs, sanctioning Greater Enfield and acquiring two quality growth assets.
“Our production results demonstrate we are a world-class operator. We achieved our second highest annual production, record LNG production and reduced gas unit production costs to $0.61/mmbtu (or $3.5/boe). All while improving safety and environmental performance. “