Woodside Narrows 2019 Production Guidance
19 November 2019 - 12:20AM
Dow Jones News
By Robb M. Stewart
MELBOURNE, Australia--Woodside Petroleum Ltd. (WPL.AU) narrowed
its production target for the year, flagging roughly flat output
before a rebound in 2020.
In a presentation to investors, Australia's largest natural-gas
producer said it now expected production for 2019 of between 89
million and 91 million barrels of oil equivalent and a jump to
about 100 million next year.
As recently as mid-August, Woodside said it continued to expect
production would be at the lower end of a 88 million- to 94
million-barrel range set four months earlier to account for an
extended maintenance shutdown at the Pluto liquefied natural-gas
operation in Western Australia. That follows 8% growth in output
last year to 91.4 million barrels.
The company is targeting compound annual production growth of
more than 6% between 2019 and 2028 as it moves toward final
investment decision on projects including the Scarborough and
Browse gas fields in Western Australia.
Chief Executive Peter Coleman said the timing was right to push
ahead with plans to triple reserves, with the base climbing to
about 3.71 billion barrels by 2028.
Mr. Coleman said momentum was building toward a final investment
call on the Scarborough project after the recent increase to the
resource volume there and a deal with partner BHP Group Ltd.
(BHP.AU) on pricing processing gas from the field at the Pluto
operation. The project is part of plans by Woodside to develop a
seven production-line LNG processing center in Western
Australia.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
November 18, 2019 18:05 ET (23:05 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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