Third Quarter Report for Period Ended 30 September 2023

Source Press Release
Company Woodside Energy Group Ltd 
Tags Production/Development, Exploration, Upstream Activities, Capital Spending, Guidance, Financial & Operating Data
Date October 17, 2023

Delivering reliable production

·      Delivered quarterly production of 47.8 MMboe (520 Mboe/day), up 8% from Q2 2023 following completion of planned turnaround and maintenance activities. Full-year production guidance has been narrowed to 183 - 188 MMboe.

·      Delivered sales volume of 53.3 MMboe, up 10% from Q2 2023, primarily due to higher production.

·      Delivered revenue of $3,259 million, up 6% from Q2 2023, due to higher production offset by lower realised prices.

·      Achieved a portfolio average realised price of $60.2/boe.

·      Sold 29% of produced LNG at prices linked to gas hub indices.

·      Achieved first production at Shenzi North in September 2023, ahead of the 2024 target.

Executing major projects

·      The Scarborough and Pluto Train 2 project was 46% complete at the end of the period, with fabrication of the floating production unit (FPU) and Pluto Train 2 modules progressing.

·      The Sangomar project was 90% complete at the end of the period, with 14 of 23 wells drilled and completed. The floating production storage and offloading (FPSO) topsides integration and pre-commissioning works continued in Singapore.

·      The Trion field development plan (FDP) was approved by the Mexican regulator, with the project now moving into execution phase.

Carbon and new energy

·      The H2OK final investment decision (FID) has been delayed pending more certainty regarding Government tax incentive qualifications and customer offtake agreements.

·      Substantially completed installation works within Pluto LNG and progressed commercial agreements including solar farm and battery energy storage system agreements to support Woodside Solar targeted FID readiness of 2023.

Woodside CEO Meg O'Neill said the quarter-on-quarter increase in output to 47.8 million barrels of oil equivalent was underpinned by strong operating results at Pluto LNG.

"The 99.9% reliability achieved at Pluto during the third quarter followed the completion of a maintenance turnaround in June."

Production from North West Shelf was impacted by planned turnaround and maintenance activities in the quarter, but the facility's reliability was still exceptional at 98.9%.

"Woodside's project teams made strong progress over the course of the quarter.

"In September, first production at the Shenzi North tieback in the US Gulf of Mexico was achieved ahead of the original 2024 schedule. Production at Mad Dog Phase 2 offshore Louisiana, which started up in April, continued to ramp up during the quarter."

Activity at Scarborough and Pluto Train 2 increased as planned and the project is now 46% complete. Installation of the nearshore component of the Scarborough trunkline commenced and fabrication of the floating production unit topsides and hull continued."

Site construction works for Pluto Train 2 are progressing and we have awarded the engineering, procurement and construction contract for the Pluto Train 1 modifications that will allow it to process Scarborough gas."

The Federal Court's 28 September decision that the Commonwealth Environment Plan for the Scarborough offshore seismic survey is invalid has not impacted our target for first LNG cargo in 2026. The decision does however highlight the urgent need for reform of Australia's offshore approvals process.

"Uncertainty over approvals has the potential to add cost and delays to any offshore activities to be undertaken in Australia. In the case of gas projects, such uncertainty threatens the delivery of much-needed new supplies to the Western Australian domestic market, as well as undermining the confidence of our regional trading partners."

The importance of Scarborough to regional energy security was demonstrated in August when LNG Japan agreed to purchase a 10% non-participating interest in the joint venture."

As part of a broader strategic relationship, Woodside and LNG Japan, owned by Sumitomo Corporation and  Sojitz Corporation also entered into a non-binding heads of agreement for the sale and purchase of approximately 0.9 million tonnes per annum of LNG for 10 years commencing in 2026. In addition, we entered into non-binding agreements with Sumitomo and Sojitz to collaborate on new energy opportunities globally."

At Sangomar in Senegal, another two of the 23 planned wells were drilled, taking the total now completed to 14. Pre-commissioning work at the floating production storage and offloading vessel continued in Singapore. Overall, the Sangomar project is 90% complete and we remain on track for targeted first oil in mid-2024."

A significant milestone for our deepwater Trion project was passed during the quarter, with the approval of the field development plan by the Mexican regulator. Project execution activities at Trion are progressing."

In new energy, progress was made on contracts for the plant construction scope and other critical packages at our proposed H2OK facility in Oklahoma. Technical work to support readiness for a final investment decision at H2OK is expected to be completed in 2023, although a decision itself has been delayed, pending clarification of government tax incentives and the finalisation of offtake agreements."

During the quarter we signed two non-binding memoranda of understanding with a total of four Japanese companies to jointly study potential carbon capture and storage (CCS) value chains between Australia and Japan. We believe that with collaboration between industry partners and governments CCS could provide a pathway to help our Japanese customers decarbonise," she said.

Comparative performance at a glance

    Three months ended  Year to date 
    Sep 2023  Jun 2023  Change %  Sep  2022  Change %  Sep 2023  Sep 2022[1]  Change % 
Production[2]  MMboe  47.8 520  44.5
489 
8%  51.2 557  (7%)  139.1  106.1  31% 
Mboe/day      510  389   
Sales  MMboe  53.3  48.4  10%  57.1  (7%)  152.1  116.7  30% 
Mboe/day  579  532    621    557  428   
Revenue  $ million  3,259  3,084  6%  5,858  (44%)  10,673  11,691  (9%) 

Operational overview

Production

·      Production increased compared to the previous quarter to 47.8 MMboe primarily due to:

o  higher production from Pluto LNG and Ngujima-Yin following completion of planned turnaround and maintenance activities

o  high LNG reliability at Australian operated assets, with Pluto LNG and the North West Shelf (NWS) Project achieving 99.9% and 98.9% reliability respectively for the quarter

o  higher production on Mad Dog due to the continued ramp up at the Argos platform.

This was partly offset by lower NWS production due to planned turnaround and maintenance activities on the North Rankin Complex, Goodwyn Platform and Karratha Gas Plant, with production recommencing in September 2023.

·      Production from Bass Strait was lower than the corresponding quarter in 2022 due to lower gas demand following a warmer winter.

Gulf of Mexico

·      First production was successfully achieved at Shenzi North in September 2023 ahead of the 2024 target.

·      A maintenance turnaround of the Shenzi facility was completed on schedule.

·      Production continues to ramp up at the Argos platform with seven wells now online.

Australia Oil

·      The Ngujima-Yin FPSO recommenced production in July following successful completion of the five-yearly maintenance turnaround in a Singapore drydock.

Greater Angostura

·      In July 2023, a valve bolt failure on the Angostura gas export platform resulted in an unplanned gas release and emergency shutdown to stop the flow of gas. This incident is classified as a Tier 1 process safety event.[3] Production recommenced in August 2023 following completion of safety checks and remediation activities.

Decommissioning

·      The Enfield plug and abandonment (P&A) campaign continued with four wells permanently plugged. The plugging of 17 of 18 Enfield wells and removal of 16 of 18 xmas trees has been completed.

·      The Bass Strait P&A operations on Flounder, Bream A, and Kingfish A platforms continued with six wells plugged in the quarter.

·      Subsequent to the quarter, Woodside commenced removing the Nganhurra riser turret mooring which will be transported for cleaning and deconstruction in preparation for recycling or reuse.

Project and development activities

Scarborough

·      Installation of the trunkline nearshore component commenced and fabrication of the FPU topsides and hull continued.

·      The Pluto Train 2 project continued to ramp up, with both module fabrication and site construction works progressing.

·      In August 2023, Woodside entered into an agreement with LNG Japan to sell a 10% interest in the Scarborough Joint Venture.[4]

·      In September 2023, Woodside awarded the engineering, procurement and construction contract for Pluto Train 1 modifications. Engineering and procurement of long-lead items are progressing.

·      The Federal Court has set aside NOPSEMA's acceptance of the Marine Seismic Survey Environment Plan on the basis that NOPSEMA's decision to accept the environment plan with conditions relating to consultation was invalid.

·      Engagement continues with NOPSEMA on the outstanding Commonwealth Environment Plans.

·      The Scarborough and Pluto Train 2 project was 46% complete at the end of the period and first LNG cargo is targeted for 2026.

Sangomar Field Development Phase 1

·      FPSO topsides integration and pre-commissioning works continued in Singapore.

·      The development drilling program continued with 14 of 23 wells completed.

·      The subsea installation campaign was 80% complete, with the overall subsea work scope 96% complete at the end of the period.

·      The project was 90% complete at the end of the period and first oil is targeted for mid-2024.

Trion

·      The Mexican regulator, Comisión Nacional de Hidrocarburos, approved the Trion FDP in August 2023.

·      Awarded contracts for the drill rig; FPU and floating storage and offloading (FSO) installation; subsea trees and control system; subsea flexible piping and riser terminations.

·      Placed equipment orders for umbilical tubing and subsea manifolds.

·      Commenced FSO front-end engineering design activities and progressed shipyard engineering.

New energy and carbon solutions

H2OK

·      The H2OK FID has been delayed pending more certainty regarding Government tax incentive qualifications and customer offtake agreements.

·      Technical work to support FID readiness remains on target to be complete in 2023.

·      Contracting activities for the plant construction scope and other critical packages continued.

Woodside Solar

·      Installation works within the Pluto LNG facility have been substantially completed in readiness for power import.

·      Engagement continues with local, state and commonwealth authorities on key development and environmental approvals.

·      Progressed commercial agreements including for the solar farm and battery energy storage system infrastructure required for the power opportunity.

·      Woodside Solar is targeting FID readiness in 2023.

Carbon origination

·      In August 2023, Woodside entered into an agreement for the offtake of carbon credits from the restoration of up to 7,000 hectares of mangroves in the Sine Saloum and Casamance regions of Senegal. Woodside is expected to receive up to 1.4 million carbon credits from this project over 30 years.

CCS opportunities

·      Entered into two non-binding memoranda of understanding with Japanese companies to enable studies of potential carbon capture and storage value chains between Japan and Australia.

Corporate activities

Hedging

·      Woodside has placed oil price hedges for approximately 21.8 MMboe of 2023 production at an average price of approximately $74.5 per barrel, of which approximately 16.5 MMboe has been delivered. As at the end of the period, Woodside hedged approximately 29.3 MMboe of 2024 production at an average price of approximately $75.7 per barrel.

·      Woodside also has a hedging program for Corpus Christi LNG volumes designed to protect against downside pricing risk. These hedges are Henry Hub and Title Transfer Facility (TTF) commodity swaps. Approximately 77% of Corpus Christi volumes for the remainder of 2023, approximately 41% of 2024 and approximately 4% of 2025 volumes have reduced pricing risk as a result of hedging activities.

·      The year-to-date pre-tax expense related to hedged positions is approximately $248 million, with $146 million pre-tax expense related to oil price hedges, $73 million pre-tax expense related to Corpus Christi hedges and $29 million pre-tax expense related to other hedge positions.

Investor Briefing Day 2023

·      Woodside's Investor Briefing Day 2023 will be held in Sydney, Australia, on Wednesday, 8 November 2023, commencing at 09.30 AEDT / 06.30 AWST (16.30 CST on Tuesday, 7 November 2023).

·      A live webcast of the event will be available at https://webcast.openbriefing.com/wds-id-2023/

Update to 2023 full-year guidance

Woodside's full-year 2023 production and capex guidance has been updated.

    Prior  Current 
Production  MMboe  180 - 190  183 - 188 
Capital expenditure  $ billion  6.0 - 6.5  5.7 - 6.0 
Gas hub exposure  % of produced LNG  27 - 33  No change   

Production summary

    Three months ended  Year to date 
    Sep 2023  Jun 2023  Sep 2022  Sep 2023  Sep 2022[5]   
AUSTRALIA               
LNG               
North West Shelf  Mboe  6,590  8,746   9,694  25,009   20,132   
Pluto[6]  Mboe  12,261  8,765   12,458  33,180   34,112   
Wheatstone  Mboe  2,610  2,588   2,556  7,654   6,609   
Total  Mboe  21,461  20,099   24,708  65,843   60,853   
               
Pipeline gas               
Bass Strait  Mboe  4,591  4,170   6,481  11,894   8,834   
Other[7]  Mboe  3,472  3,080   3,389  9,589   5,834   
Total  Mboe  8,063  7,250   9,870  21,483   14,668   
               
Crude oil and condensate               
North West Shelf  Mbbl  1,278  1,546   1,750  4,508   3,660   
Pluto6  Mbbl  976  699   990  2,636   2,702   
Wheatstone  Mbbl  477  425   494  1,310   1,192   
Bass Strait  Mbbl  982  904   1,229  2,663   1,670   
Macedon & Pyrenees  Mbbl  688  759  602  2,078   825   
Ngujima-Yin  Mbbl  1,140   1,464  2,009  5,137   
Okha  Mbbl  608  421   653  1,460   1,522   
Total  Mboe  6,149  4,754   7,182  16,664   16,708   
               
NGL2               
North West Shelf  Mbbl  276  339   324   907   733   
Pluto6  Mbbl  53  45   52   148   118   
Bass Strait  Mbbl  1,380  1,191   1,554   3,294   2,057   
Total  Mboe  1,709  1,575   1,930   4,349   2,908   
               
Total Australia[8]  Mboe  37,382  33,678   43,690   108,339   95,137   
Mboe/day  406  370  475  397  348   
               
                         



    Three months ended  Year to date 
    Sep 2023  Jun 2023  Sep 2022  Sep 2023  Sep 2022[9] 
INTERNATIONAL             
Pipeline gas             
Gulf of Mexico  Mboe  350  349   219  1,029   341 
Trinidad & Tobago  Mboe  2,413  2,723   2,102  7,372   2,931 
Other10  Mboe  17  47   -    
Total  Mboe  2,780  3,072   2,321  8,448   3,272 
             
Crude oil and condensate             
Atlantis  Mbbl  2,714  2,792   1,257  8,202   2,244 
Mad Dog  Mbbl  2,188  1,627   838  4,754   1,249 
Shenzi  Mbbl  2,158  2,599   2,452  7,353   3,217 
Trinidad & Tobago  Mbbl  201  294   365  792   515 
Other[10]  Mbbl  36  81   81  156   108 
Total  Mboe  7,297  7,393   4,993  21,257   7,333 
             
NGL4             
Gulf of Mexico  Mbbl  362  350   244  1,043   363 
Other10  Mbbl  10  27   -    
Total  Mboe  372  350   244  1,070   363 
             
Total International  Mboe  10,449  10,815   7,558  30,775   10,968 
Mboe/day  114  119  82  113  40 
             
Total production  Mboe  47,831  44,493   51,248  139,114   106,105 
Mboe/day  520  489  557  510  389 
               



Product sales

    Three months ended  Year to date 
    Sep 2023  Jun 2023  Sep 2022  Sep 2023  Sep 2022[11] 
AUSTRALIA             
LNG             
North West Shelf  Mboe  7,639  9,003   8,441   27,206   19,069 
Pluto5  Mboe  12,622  9,592   11,862   33,524   32,389 
Wheatstone[12]  Mboe   2,541  2,312   2,898   7,203   6,883 
Total  Mboe    22,802  20,907   23,201   67,933   58,341 
             
Pipeline gas             
Bass Strait  Mboe   4,506  4,113  6,564   11,701   8,758 
Other  Mboe   3,243  3,040   3,436   9,222   5,813 
Total  Mboe   7,749  7,153   10,000   20,923   14,571 
             
Crude oil and condensate             
North West Shelf  Mbbl   1,640  1,855   2,140   4,584   3,776 
Pluto  Mbbl   1,228  614   838   2,456   3,138 
Wheatstone  Mbbl   689  309   325   1,348   968 
Bass Strait  Mbbl   1,407  1,035   1,435   2,524   1,768 
Ngujima-Yin  Mbbl   708   1,502   1,849   5,274 
Okha  Mbbl  1,297   1,298   1,950   1,917 
Macedon & Pyrenees    Mbbl  1,032   502  1,551  502 
Total  Mboe  6,970  4,845  8,040   16,262   17,343 
             
NGL7             
North West Shelf  Mbbl   263  255   701   688   701 
Pluto  Mbbl   32  73   -      287   -    
Bass Strait  Mbbl  959  903   1,999   2,971   2,212 
Total  Mboe   1,254  1,231   2,700   3,946   2,913 
             
Total Australia  Mboe  38,775  34,136  43,941   109,064   93,168 
               
                         



    Three months ended  Year to date   
    Sep 2023  Jun 2023  Sep 2022  Sep 2023  Sep 2022[13] 
INTERNATIONAL             
Pipeline gas             
Gulf of Mexico  Mboe   321  341   214   1,005   341 
Trinidad & Tobago  Mboe   2,574  2,700   2,118   7,569   2,954 
Other[14]  Mboe   7   9   20   12 
Total  Mboe   2,902  3,047   2,341   8,594   3,307 
             
Crude oil and condensate             
Atlantis  Mbbl   2,442  2,710   1,466   7,820   2,349 
Mad Dog  Mbbl   2,041  1,628   891   4,610   1,270 
Shenzi  Mbbl   2,123  2,652   2,636   7,448   3,354 
Trinidad & Tobago  Mbbl   242  248   443   903   647 
Other14  Mbbl   61  65   77   189   105 
Total  Mboe   6,909  7,303   5,513   20,970   7,725 
             
NGL9             
Gulf of Mexico  Mbbl  379  363  276   1,084   400 
Other14  Mbbl   11   6 
Total  Mboe  383  366  280   1,095   406 
             
Total International  Mboe  10,194  10,716  8,134   30,659   11,438 
             
MARKETING             
LNG[15]  Mboe  4,329  3,532  5,023   12,344   12,102 
Total  Mboe  4,329  3,532  5,023   12,344   12,102 
             
Total Marketing  Mboe  4,329  3,532  5,023   12,344   12,102 
             
Total sales  Mboe  53,298  48,384  57,098   152,067   116,708 
               



Revenue (US$ million)

  Three months ended  Year to date   
  Sep 2023  Jun 2023  Sep 2022  Sep 2023  Sep 2022[16] 
AUSTRALIA           
   North West Shelf   575  667   1,081   2,512   2,240 
   Pluto   923  724   1,716   2,778   3,831 
   Wheatstone[17]   246  204   300   774   727 
   Bass Strait   379  328   656   918   888 
   Macedon   41  53   41   145   57 
   Ngujima-Yin   64   162   164   598 
   Okha   103   124   159   191 
   Pyrenees   -     89   69   139   70 
           
INTERNATIONAL           
   Atlantis   209  203   134   611   243 
   Mad Dog   170  116   81   354   125 
   Shenzi   178  200   249   577   332 
   Trinidad & Tobago[18]   17  112   143   265   209 
   Other[19]   5   7   14   10 
           
Marketing revenue[20]  298  344  1,043  1,121  2,033 
           
Total sales revenue[21]  3,208  3,044  5,806  10,531  11,554 
           
Processing revenue   50  38   50   135   127 
Shipping and other revenue   1   2   7   10 
           
Total revenue  3,259  3,084  5,858  10,673  11,691 
               

Realised prices

     Three months ended     Three months ended   
  Units  Sep 2023  Jun
2023 
Sep 2022  Units  Sep 2023  Jun
2023 
Sep 202216 
LNG produced[22]  $/MMBtu  10.3  10.9  19.1  $/boe  65  69  117 
LNG traded[23]  $/MMBtu  8.2  11.0  32.7  $/boe  52  70  207 
Pipeline gas          $/boe  28  37  49 
Oil and condensate  $/bbl  82  75  95  $/boe  82  75  95 
NGL  $/bbl  45  41  48  $/boe  45  41  48 
                 
Average realised price          $/boe  60  63  102 
                 
Dated Brent          $/bbl  87  78  101 
JCC (lagged three months)          $/bbl  84  87  111 
WTI          $/bbl  82  74  92 
JKM          $/MMBtu  10.9  12.6  36.0 
TTF          $/MMBtu  10.3  12.6  50.9 
                     

·      Average realised price for pipeline gas was A$6.1/GJ in Western Australia, A$12.3/GJ in east coast Australia and $3.75/Mcf for International in Q3 2023.[24]

Expenditure (US$ million)

  Three months ended  Year to date 
  Sep 2023  Jun 2023  Sep 2022  Sep 2023  Sep 2022[25]   
Exploration and evaluation expense             
Exploration and evaluation expensed  123  81  181  256  215   
Permit amortisation   
Total  126  83  186  263  223   
             
Capital expenditure             
Exploration and evaluation capitalised[26],[27]  92  101  132  111   
Oil and gas properties  1,313  1,229  1,056  3,821  2,561   
Total  1,316  1,321  1,157  3,953  2,672   
             
Trading costs  265  237  727  887  1,517   
               

Key project expenditure (US$ million)

  Three months ended  Year to date 
  Sep 2023  Jun 2023  Sep 2022  Sep 2023  Sep 2022 
Capital expenditure           
Scarborough[28]  613  578  442  1,817  1,242 
Sangomar  257  272  278  808  727 
Trion  111  119 



Exploration

·      In the US Gulf of Mexico, the Spinel well (non-operated) completed drilling in August 2023. The well did not encounter hydrocarbons.

·      Woodside drilled the Gemtree well in Australia. The well was unsuccessful, encountering minor gas shows in the primary target.

Exploration or appraisal wells drilled

Region  Permit area  Well  Target  Interest (%)  Spud date  Water depth (m)  Planned well depth (m)20[29]  Remarks 
Gulf of Mexico  GC 436  Spinel  Oil  44%
Non-operator 
7 June 2023  1,258  7,042  Drilling complete 
Australia  WA49-L  Gemtree  Gas  65% Operator  25 August 2023  202m  3,554  Drilling complete 

Permits and licences

Key changes to permit and licence holding during the quarter ended 30 September 2023 are noted below.

Region  Permits or licence areas  Change in interest (%)  Current interest (%)  Remarks 
Gulf of Mexico  GC 520, GC 564  (100%)  0%   



Production rates

Average daily production rates (100% project) for the quarter ended 30 September 2023:

  Woodside
share[30] 
Production rate
(100% project, Mboe/d) 
Remarks   
    Sep 2023  Jun
2023 
 
AUSTRALIA         
NWS Project         
LNG  29.91%  238  321  Production was lower due to planned turnaround and maintenance activities on the North Rankin Complex, Goodwyn Platform and the Karratha Gas Plant. 
Crude oil and condensate  29.88%  46  57 
NGL  33.27%  10  11 
         
Pluto LNG         
LNG  90.00%  123  83  Production was higher following completion of planned maintenance and turnaround in Q2 2023. 
Crude oil and condensate  90.00%  11 
         
Pluto-KGP Interconnector       
LNG  100.00%  22  22   
Crude oil and condensate  100.00% 
NGL  100.00% 
         
Wheatstone[31]         
LNG  11.86%  239  240   
Crude oil and condensate  14.90%  31  31 
         
Bass Strait         
Pipeline gas  43.75%  105  105   
Crude oil and condensate  45.96%  23  22 
NGL  45.83%  30  29 
         
Australia Oil         
Ngujima-Yin  60.00%  21  Production was higher following completion of planned maintenance, with production recommencing in July. 
Okha  50.00%  13   
Pyrenees  64.97%  12  13   
         
Other         
Pipeline gas25F[32]    38  34   
           
             



  Woodside
share[33] 
Production rate
(100% project, Mboe/d) 
Remarks 
    Sep 2023  Jun
2023 
 
INTERNATIONAL         
Atlantis         
Crude oil and condensate  38.50%  77  80   
NGL  38.50% 
Pipeline Gas  38.50%   
         
Mad Dog         
Crude oil and condensate  20.86%  114  86  Production was higher due to the continuation of ramp-up activities for Mad Dog Phase 2. 
NGL  20.86% 
Pipeline Gas  20.86% 
         
Shenzi         
Crude oil and condensate  64.39%  36  44  Completed turnaround for Shenzi North tie-ins and maintenance 
NGL  64.39% 
Pipeline Gas  64.39%   
         
Trinidad & Tobago         
Crude oil and condensate  41.72%[34]   
Pipeline gas  46.58%34  56  57   
         

Other conversion factors

Product  Unit  Conversion factor    bbl bcf boe Mbbl Mboe Mcf MMboe MMBtu MMscf scf  barrel billion cubic feet of gas barrel of oil equivalent thousand barrels thousand barrels of oil equivalent thousand cubic feet of gas million barrels of oil equivalent million British thermal units million standard cubic feet of gas standard cubic feet of gas 
Natural gas  5,700 scf  1 boe   
Condensate  1 bbl  1 boe   
Oil  1 bbl  1 boe   
Natural gas liquids (NGL)  1 bbl  1 boe   
       
Facility  Unit  LNG conversion factor   
Karratha Gas Plant  1 tonne  8.08 boe   
Pluto Gas Plant  1 tonne  8.34 boe   
Wheatstone  1 tonne  8.27 boe   

The LNG conversion factor from tonne to boe is specific to volumes produced
at each facility and is based on gas composition which may change over time.

Source: EvaluateEnergy® ©2024 EvaluateEnergy Ltd