WOODSIDE Petroleum has revised up its production guidance for 2014 following a stellar performance from its Australian operations in the third quarter.
The Perth-headquartered company’s new production guidance stands between 93 million barrels of equivalent (MMboe) and 95 MMboe, up from the previous forecasts of between 89 MMboe and 94 MMboe.
Woodside said the upgraded forecast reflected a “continuing strong operating performance across all assets.”
For the September quarter, Woodside posted a 16.7 per cent increase in sales revenue to US$1.95 billion, reflecting higher LNG and condensate sales volumes and higher LNG realised pricing at Pluto. The revenue also marks a 46.6% jump on revenue made in the third quarter of 2013.
The company produced a total of 25.2 MMboe for the three months to the end of September, representing a 7.2% increase, mainly due to higher LNG and condensate volumes produced at the North West Shelf and Pluto LNG operation. However Woodside said this jump was partially offset by decreased oil volumes produces across its Australia oil assets.
In an update of its development activities, Woodside said it continued to make progress at the proposed Browse floating LNG development with basis of design documentation having been completed.
With engineering and non-technical activities related to the project continuing, Woodside said it would be in a position to make a recommendation on entering front-end engineering and design studies in late 2014.
Overseas, little progress was made at the stalled Sunrise LNG project with the Timor-Leste and Australian governments agreeing to a six month adjournment to a dispute over the treaty on certain maritime arrangements in the Timor Sea. Woodside reiterated its commitment to the Greater Sunrise fields.
In Canada, Woodside progressed with environmental and regulatory approval obligations regarding its proposal to operate a LNG export facility at Grassy Point, near Prince Rupert, British Columbia.
Geotechnical investigations to assess the feasibility of a potential LNG development started at the Grassy Point site in September, the company said.