Woodside output up, earnings down in 2016
Australia
PERTH, January 19, 2017 – Australian major Woodside Petroleum announced on Thursday that it had pumped some 94.9 million boe in 2016, up from 92.2 million boe a year earlier.
A 20% decrease in earnings to USD 4.08 billion, caused by low oil prices, was offset by major cost cuts. Expenditures were at USD 2.18 billion, just over a third of the USD 5.62 billion spent in 2015.
The figures included a record LNG output, which at 2.6 million tonnes looked set to increase further this year after the Wheatstone project in Western Australia and the Persephone offshore project come online.
“LNG production system reliability has now exceeded ninety-nine per cent for a second consecutive quarter,” CEO Peter Coleman said in a statement.
The company is also looking to expand its international exploration activities, despite withdrawing from the Nova Scotia Joint Venture in Canada.
“We are about to start significant appraisal work in Senegal and Myanmar complemented by exploration in Australia, Senegal and Myanmar,” Coleman added.
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