Fourth Quarter Report for Period Ended 31 December 2023

Source Company Press Release
Company Woodside Energy Group Ltd
Tags Corporate: Corporate Results, Guidance, Country: Australia, Canada, Trinidad and Tobago, United States, Financial - Costs & Metrics: Capital Expenditures, Hedging, Midstream: Pipeline, Other: Oil & Gas Trading, Segment: CCS/CCUS, LNG, Sustainability: ESG/CSR, Upstream: Drilling Activity, Upstream News
Date January 24, 2024

Reliable production

·      Record full-year 2023 production of 187.2 MMboe (513 Mboe/day), at the top end of production guidance of 183 - 188 MMboe.

·      Quarterly production of 48.1 MMboe (522 Mboe/day), with strong reliability of 99.9% maintained on Pluto (98.2% full year 2023).

·      Quarterly revenue of $3,355 million, up 3% from Q3 2023, due to higher realised prices, partly offset by lower traded LNG volumes and timing of oil and condensate sales.

·      Portfolio average realised price of $66.8/boe.

·      Sold 31% of produced LNG at prices linked to gas hub indices (30% full year 2023).

Executing major projects

·      The Scarborough Energy Project received secondary environmental approvals for Commonwealth waters in December and commenced all relevant offshore activities. The project was 55% complete at the end of the quarter[1]. Subsequent to the quarter, the first production well was spud and as of 22 January, approximately 57km out of 433km of pipelay has been completed.

·      The Sangomar Project floating production storage and offloading (FPSO) facility sailed away from Singapore in December. The project was 94% complete at the end of the period, with 17 of 23 wells drilled and completed.

·      The Trion Project continued to award contracts including for the wellheads and subsea line pipe. Procurement activities commenced for floating production unit (FPU) materials and subsea equipment.

Carbon and new energy

·      The proposed Woodside Solar Project received planning approvals and State and Federal environmental approvals.

·      The Angel carbon capture and storage (CCS) opportunity commenced pre-front end engineering and design (FEED) studies.

·      The proposed US Federal Government tax incentive criteria are being evaluated to determine implications for the proposed H2OK Project.

Woodside CEO Meg O'Neill said production in the fourth quarter remained strong, taking 2023 full-year production to a record 187.2 MMboe.

"Our expanded global portfolio delivered record production in 2023. Fourth quarter production reflected the completion of planned turnaround and maintenance activities at the North West Shelf and Shenzi. Pluto LNG also maintained its strong production performance, again achieving 99.9% reliability during the period."

Sales revenue was 3% higher than the third quarter at $3,355 million due to higher realised prices.

"Woodside's growth projects are being delivered as planned. We have strong momentum on the Scarborough Energy Project following receipt of regulatory approvals in December for key offshore work scopes. We've already completed the seismic survey, nearshore pipelay installation is almost complete and we've commenced pipelay work in Commonwealth waters. Earlier this month, we spud the first production well in our drilling program.

"Fabrication of six of the 51 modules for Pluto Train 2 has been completed and work on another 38 is underway. We remain on track for targeted first LNG cargo in 2026."

The Léopold Sédar Senghor floating production storage and offloading facility departed Singapore at the end of December and is scheduled to arrive offshore Senegal in the coming weeks. Seventeen wells have now been completed at Sangomar, with first oil targeted for mid-2024.

"At Trion in Mexico, contracts have been awarded for the wellheads, subsea line pipe and coatings, and the shore base. Procurement for the subsea equipment and floating production unit commenced during the quarter."

In the US Gulf of Mexico, following an appraisal well drilled in the second quarter, a final investment decision (FID) was taken on the Mad Dog Southwest Extension, which will be a three-well tieback to the Argos facility.

"In our new energy projects, design optimisation and technical work continued in support of FID readiness at H2OK in Oklahoma. We are evaluating the production tax credit guidance provided by the US Federal Government."

In Western Australia, planning approvals and State and Federal environmental approvals were secured for the proposed Woodside Solar Project near Karratha.

"Woodside is safely executing our significant decommissioning program. We achieved a milestone with the safe removal of the Nganhurra riser turret mooring and we have commenced the Stybarrow and Griffin decommissioning campaigns. "

In Marketing, two term LNG sales and purchase agreements were signed during the quarter. First, with Mexico Pacific Limited for the purchase of 1.3 Mtpa of LNG from its proposed third train at the Saguaro Energia LNG Project on the Mexican Pacific coast. Second, with Australian mining company Pilgangoora Operations Pty Ltd for the supply of domestic LNG from the Pluto Truck Loading Facility, further demonstrating Woodside's commitment to Australian domestic gas.

"Woodside welcomes the certainty provided by the ministerial exemption received in January under the domestic gas price cap legislation.  We have consistently provided gas to domestic customers on reasonable prices and terms, and the exemption reflects our ongoing commitment to this objective."

Woodside confirmed in December that it was in discussions regarding a potential merger with Santos Ltd. The talks are still at an early stage and there is no certainty that the transaction will progress. Woodside will be disciplined, conduct thorough due diligence, and will only pursue a transaction that is value-accretive for shareholders.

"As we complete our first full reporting year after the merger with BHP Petroleum, we are pleased with the results of our strong combined portfolio," she said.

Comparative performance at a glance

    Three months ended  Year to date 
    Dec 2023  Sep 2023  Change %  Dec  2022  Change %  Dec 2023  Dec 2022  Change % 
Production  MMboe  48.1  47.8  51.6  (7%)  187.2  157.7  19% 
Mboe/day  522  520  561  513  432 
Sales  MMboe  49.5  53.3  (7%)  52.2  (5%)  201.5  168.9  19% 
Mboe/day  538  579  568  552  463 
Revenue  $ million  3,355  3,259  3%  5,160  (35%)  14,028  16,851  (17%) 

Operational overview

Production

·      Delivered quarterly production of 48.1 MMboe, in line with Q3 2023, following completion of planned turnaround and maintenance activities on North West Shelf (NWS) and Shenzi in the third quarter. This was offset by lower production from Bass Strait due to planned onshore and offshore maintenance works and lower gas demand during summer. 

·      Production at NWS was lower than the corresponding quarter in 2022 primarily due to natural field decline.

·      Achieved 99.9% reliability at Pluto LNG for the quarter.

Other

·      Took FID on the Mad Dog Southwest Extension in the US Gulf of Mexico (GoM). This will be a three well tie back to the Argos facility.

·      Ramp up of Mad Dog Phase 2 continued with remediation of the riser flex joints now completed. 

·      Subsequent to the quarter, the NWS project participants took FID on the Lambert West Project, supporting ongoing production from NWS.

Project and development activities

Scarborough Energy Project

·      The Scarborough and Pluto Train 2 project was 55% complete at the end of the period and first LNG cargo is targeted for 2026.

·      Fabrication of the FPU hull and topsides progressed, with the hull being prepared for drydock departure in Q1 2024.

·      Pluto Train 2 module fabrication and site construction works continued. Fabrication of six out of 51 modules is complete and work on another 38 is underway.

·      In December 2023, secondary environment approvals for the drilling, subsea and trunkline installation activities were accepted by the regulator. Installation of the trunkline nearshore component is nearing completion, and pipeline installation in Commonwealth waters commenced.

·      The offshore seismic survey environmental approval was also granted, and the activity was completed.

·      Subsequent to the quarter, installation of the first subsea flowline commenced and the first production well was spud.

Sangomar Field Development Phase 1

·      The project was 94% complete at the end of the period, and first oil is targeted for mid-2024.

·      The FPSO sailed away from Singapore on 22 December 2023 following completion of topsides integration and pre-commissioning works.

·      The development drilling program continued with 17 of 23 wells completed.

·      The subsea installation campaign is ongoing, with the overall subsea work scope 98% complete at the end of the period.

Trion

·      The floating storage and offloading vessel FEED and shipyard engineering continued.

·      Contracts were awarded for the wellheads, subsea line pipe and coatings, and the Mexico shore base.

·      Detailed engineering by the subsea equipment suppliers and the FPU engineering, procurement and construction contractor progressed, enabling the commencement of procurement activities in the quarter.

Liard

·      Woodside completed a transaction bringing Paramount Resources Ltd (Paramount) into the Liard field, located onshore British Columbia Canada. Both parties will have an equal 50% interest in all the leases and Paramount will assume operatorship.

·      Woodside joined the Rockies LNG Partnership as a potential natural gas supplier to the Ksi Lisims LNG Project on the west coast of British Columbia.

Browse

·      In December 2023, the Western Australian Environmental Protection Authority published Woodside's response to the proposed Browse to NWS Project's environmental review document.

Calypso

·      Woodside continued pre-FEED engineering studies to mature both technical definition and cost estimates of the development. Marketing and commercial discussions to evaluate options to monetise the resource are ongoing.

Sunrise

·      In November 2023, the Timor-Leste Government announced its support for the Sunrise Concept Study to proceed. The study will consider the key issues for developing, processing and marketing gas via both Timor-Leste and Australia based solutions.

Decommissioning

·      The Nganhurra riser turret mooring was successfully removed from its location off the North West Cape in Western Australia and transported to Perth to be cleaned and dismantled in preparation for recycling and reuse.

·      All 18 Enfield wells have now been plugged and 16 of the 18 xmas trees have been removed. The remaining two trees are expected to be recovered in the first half of 2024, along with the wellhead severance program.

·      Environmental approvals were obtained in December to progress in-field Griffin decommissioning activities.

·      The Endurance drill rig arrived in Dampier and preparations are underway to commence the Stybarrow well plug and abandonment.

Marketing and Trading

·      In December 2023, Woodside signed a sale and purchase agreement (SPA) with Mexico Pacific Limited to purchase 1.3 Mtpa of LNG, equivalent to approximately 18 cargoes per year, for 20 years.[4]

·      Woodside has reached agreement with three Australian maritime unions on the Australian crewing of an LNG vessel. Under the agreement, the maritime unions will cooperate fully with Woodside and its contractors in maintaining maritime operations at the NWS and Pluto LNG Projects.[5]

·      In October 2023, Woodside exported a cargo of US crude to Europe, utilising access to storage and loading infrastructure acquired previously. This infrastructure will allow Woodside to optimise the timing and pricing of sales.

·      Woodside signed an SPA with Pilgangoora Operations Pty Ltd for the supply of domestic LNG from the Pluto Truck Loading Facility. Supply under the SPA is contracted to commence in the fourth quarter of 2024 for a period of five years.[6]

·      Subsequent to the quarter, Woodside was granted an exemption under the domestic gas price cap legislation applicable to the east coast of Australia. The exemption is for the expected delivery of more than 260 PJ (100% share) of additional domestic gas through to 2033.

New energy and carbon solutions

H2OK

·      Woodside signed a water agreement with the City of Ardmore, Oklahoma to provide wastewater to H2OK and commenced engineering design work for the water pipeline. 

·      Design optimisation and supporting technical work continued in support of FID readiness.

·      Woodside is evaluating the proposed US Federal Government tax incentive criteria which was released for comment in December 2023.

Woodside Solar

·      Received planning approvals and State and Federal environmental approvals for the proposed Woodside Solar Project at the Maitland Industrial Area.

·      In December 2023, Woodside entered into a conditional agreement under which a third party will develop the proposed solar facility and supply renewable energy from the facility to Woodside.

·      Woodside continues to progress commercial agreements, including for power transmission, to support the proposed project.

CCS opportunities

·      Commenced pre-FEED studies for the Angel carbon capture and storage (CCS) opportunity in November 2023.

·      In December 2023, Woodside announced it had entered into a non-binding memorandum of understanding with four Japanese companies to enable studies of potential CCS value chains between Japan and Australia.

Other renewables

·      Completed FEED on the Capella project, a collaboration between Woodside and Heliogen, in December 2023.

Corporate activities

Hedging

·      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 (HH) and Title Transfer Facility (TTF) commodity swaps. An average of 63% of 2024 and 17% of 2025 Corpus Christi volumes have been hedged.

·      The realised value of hedged positions for the year ended 31 December 2023 is a pre-tax expense of approximately $306 million, with $200 million pre-tax expense related to oil price hedges, $74 million pre-tax expense related to Corpus Christi hedges and $32 million pre-tax expense related to other hedge positions. Hedging losses will be included in "other expenses" in the full-year financial statements.

2023 full-year results and teleconference

·      Woodside's Annual Report 2023, Climate Transition Action Plan 2023 and associated investor briefing will be released to the market on Tuesday, 27 February 2024, and will be available on Woodside's website at woodside.com.

·      A teleconference providing an overview of the full-year 2023 results and a question and answer session will be hosted by Woodside CEO and Managing Director, Meg O'Neill, and Chief Financial Officer, Graham Tiver, on Tuesday, 27 February 2024 at 10:00 AEDT / 07:00 AWST / 17:00 CST (Monday, 26 February 2024).

·      We recommend participants pre-register 5 to 10 minutes prior to the event with one of the following links:

o  https://webcast.openbriefing.com/wds-fyr-2024/ to view the presentation and listen to a live stream of the question and answer session

o  https://s1.c-conf.com/diamondpass/10035979-fh876t.html  to participate in the question and answer session. Following pre-registration, participants will receive the teleconference details and a unique passcode.

Climate Transition Action Plan presentation

·      Woodside will present its Climate Transition Action Plan 2023 to investors on Tuesday, 12 March 2024.

·      A webcast of the event will be available. Further details of the event including the time and a link to the webcast will be provided prior to the event.

Annual General Meeting

·      Woodside's Annual General Meeting will be held at 10.00am (AWST) on Wednesday 24 April 2024 in Perth, Western Australia. The closing date for receipt of director nominations is 19 February 2024.

2024 full-year guidance

Production

·      Woodside's full-year 2024 production guidance is 185 - 195 MMboe (505 - 533 Mboe/day).

·      The approximate split by product type is:

LNG  ~45% 
Pipeline gas  ~20% 
Crude and condensate  ~30% 
Natural gas liquids  ~5% 

Capital expenditure

·      Woodside's full-year 2024 capital expenditure guidance is US$5.0 - 5.5 billion, assuming no change to current participating interests.

·      The approximate split by activity area is:

Sangomar  ~10% 
Scarborough  ~40% 
Trion  ~15% 
Other  ~35% 

Gas hub exposure

·      Woodside expects approximately 26 - 33% of its 2024 produced LNG to be sold at prices linked to gas hub indices.

Production summary

    Three months ended  Year to date 
    Dec 2023  Sep 2023  Dec 2022  Dec 2023  Dec 2022[12]   
AUSTRALIA               
LNG               
North West Shelf  Mboe  7,798  6,590  9,564  32,807  29,696   
Pluto[13]  Mboe  12,407  12,261  12,124  45,587  46,236   
Wheatstone  Mboe  2,505  2,610  2,596  10,159  9,205   
Total  Mboe  22,710  21,461  24,284  88,553  85,137   
               
Pipeline gas               
Bass Strait  Mboe  3,206  4,591  4,883  15,100  13,717   
Other[14]  Mboe  3,438  3,472  3,470  13,027  9,304   
Total  Mboe  6,644  8,063  8,353  28,127  23,021   
               
Crude oil and condensate               
North West Shelf  Mbbl  1,359  1,278  1,711  5,867  5,371   
Pluto13  Mbbl  994  976  982  3,630  3,684   
Wheatstone  Mbbl  495  477  506  1,805  1,698   
Bass Strait  Mbbl  704  982  935  3,367  2,605   
Macedon & Pyrenees  Mbbl  653  688  692  2,731  1,517   
Ngujima-Yin  Mbbl  1,203  1,140  1,890  3,212  7,027   
Okha  Mbbl  616  608  598  2,076  2,120   
Total  Mboe  6,024  6,149  7,314  22,688  24,022   
               
NGL2               
North West Shelf  Mbbl  275  276  307  1,182  1,040   
Pluto13  Mbbl  58  53  52  206  170   
Bass Strait  Mbbl  1,026  1,380  1,187  4,320  3,244   
Total  Mboe  1,359  1,709  1,546  5,708  4,454   
               
Total Australia[15]  Mboe  36,737  37,382  41,497  145,076  136,634   
Mboe/day  399  406  451  397  374   
               
                         



    Three months ended  Year to date 
    Dec 2023  Sep 2023  Dec 2022  Dec 2023  Dec 2022[16] 
INTERNATIONAL             
Pipeline gas             
Gulf of Mexico  Mboe  314  350  409  1,343  750 
Trinidad & Tobago  Mboe  2,779  2,413  1,952  10,151  4,883 
Other17  Mboe  17  47 
Total  Mboe  3,093  2,780  2,361  11,541  5,633 
             
Crude oil and condensate             
Atlantis  Mbbl  2,763  2,714  3,229  10,965  5,473 
Mad Dog  Mbbl  2,054  2,188  1,165  6,808  2,414 
Shenzi  Mbbl  2,712  2,158  2,517  10,065  5,734 
Trinidad & Tobago  Mbbl  284  201  361  1,076  876 
Other[17]  Mbbl  81  36  81  237  189 
Total  Mboe  7,894  7,297  7,353  29,151  14,686 
             
NGL4             
Gulf of Mexico  Mbbl  344  362  390  1,387  753 
Other17  Mbbl  10  27 
Total  Mboe  344  372  390  1,414  753 
             
Total International  Mboe  11,331  10,449  10,104  42,106  21,072 
Mboe/day  123  114  110  115  58 
             
Total production  Mboe  48,068  47,831  51,601  187,182  157,706 
Mboe/day  522  520  561  513  432 
               



Product sales

    Three months ended  Year to date 
    Dec 2023  Sep 2023  Dec 2022  Dec 2023  Dec 2022[18] 
AUSTRALIA             
LNG             
North West Shelf  Mboe  7,367  7,639  9,000  34,573  28,069 
Pluto5  Mboe  12,130  12,622  12,189  45,654  44,578 
Wheatstone[19]  Mboe  2,473   2,541  2,360  9,676  9,243 
Total  Mboe  21,970    22,802  23,549  89,903  81,890 
             
Pipeline gas             
Bass Strait  Mboe  3,341   4,506  4,725  15,042  13,483 
Other  Mboe  3,684   3,243  3,524  12,906  9,337 
Total  Mboe  7,025   7,749  8,249  27,948  22,820 
             
Crude oil and condensate             
North West Shelf[20]  Mbbl  514   1,471  1,989  4,669  5,765 
Pluto  Mbbl  614   1,228  856  3,070  3,994 
Wheatstone  Mbbl  349   689  684  1,697  1,652 
Bass Strait  Mbbl  410   1,407  1,115  2,934  2,883 
Ngujima-Yin  Mbbl  1,352   708  1,753  3,201  7,027 
Okha  Mbbl  1,297  1,951  1,917 
Macedon & Pyrenees   Mbbl  1,054  1,142  2,605  1,644 
Total  Mboe  4,294  6,801  7,539  20,127  24,882 
             
NGL7             
North West Shelf  Mbbl  253   263  228  941  929 
Pluto  Mbbl  49   32  336 
Bass Strait  Mbbl  1,370  959  672  4,341  2,884 
Total  Mboe  1,672   1,254  900  5,618  3,813 
             
Total Australia  Mboe  34,961  38,606  40,237  143,596  133,405 
               
                         



    Three months ended  Year to date   
    Dec 2023  Sep 2023  Dec 2022  Dec 2023  Dec 2022[21] 
INTERNATIONAL             
Pipeline gas             
Gulf of Mexico  Mboe  357   321  343  1,362  684 
Trinidad & Tobago  Mboe  2,611   2,574  1,969  10,180  4,923 
Other[22]  Mboe   7  26  16 
Total  Mboe  2,974   2,902  2,316  11,568  5,623 
             
Crude oil and condensate             
Atlantis  Mbbl  2,976   2,442  3,091  10,796  5,440 
Mad Dog  Mbbl  2,209   2,041  1,098  6,819  2,368 
Shenzi  Mbbl  2,716   2,123  2,245  10,164  5,599 
Trinidad & Tobago  Mbbl  316   242  130  1,219  777 
Other22  Mbbl  53   61  59  242  164 
Total  Mboe  8,270   6,909  6,623  29,240  14,348 
             
NGL9             
Gulf of Mexico  Mbbl  435  379  422  1,519  822 
Other22  Mbbl  13 
Total  Mboe  437  383  424  1,532  830 
             
Total International  Mboe  11,681  10,194  9,363  42,340  20,801 
             
MARKETING[23]             
LNG  Mboe  2,209  4,329  2,625  14,553  14,727 
Liquids[24]  Mboe  618  169  1,047 
Total  Mboe  2,827  4,498  2,625  15,600  14,727 
             
Total Marketing  Mboe  2,827  4,498  2,625  15,600  14,727 
             
Total sales  Mboe  49,469  53,298  52,225  201,536  168,933 
               



Revenue (US$ million)

  Three months ended  Year to date   
  Dec 2023  Sep 2023  Dec 2022  Dec 2023  Dec 2022[25] 
AUSTRALIA           
   North West Shelf  509   575  1,260  3,021  3,500 
   Pluto  1,011   923  1,666  3,789  5,497 
   Wheatstone[26]  208   246  383  982  1,110 
   Bass Strait  225   379  363  1,143  1,251 
   Macedon             54   41  54  199  111 
   Ngujima-Yin  128   64  164  292  762 
   Okha   103  159  191 
   Pyrenees  94   -     118  233  188 
           
INTERNATIONAL           
   Atlantis  241   209  263  852  506 
   Mad Dog  178   170  87  532  212 
   Shenzi  217   178  188  794  520 
   Trinidad & Tobago[27]  103   17  112  368  321 
   Other[28]   5  18  16 
           
Marketing revenue[29]  332  298  431  1,453  2,464 
           
Total sales revenue[30]  3,304  3,208  5,095  13,835  16,649 
           
Processing revenue  49   50  48  184  175 
Shipping and other revenue   1  17  27 
           
Total revenue  3,355  3,259  5,160  14,028  16,851 
               

Realised prices

     Three months ended     Three months ended   
  Units  Dec 2023  Sep 2023  Dec 2022  Units  Dec 2023  Sep 2023  Dec 202225 
LNG produced[31]  $/MMBtu  11.5  10.3  20.3  $/boe  74  65  128 
LNG traded[32]  $/MMBtu  11.9  8.2  24.2  $/boe  76  52  153 
Pipeline gas          $/boe  37  28  43 
Oil and condensate  $/bbl  82  82  82  $/boe  82  82  82 
NGL  $/bbl  24  45  36  $/boe  24  45  36 
Liquids traded32  $/bbl  85  72  $/boe  85  72 
                 
Average realised price          $/boe  67  60  98 
                 
Dated Brent          $/bbl  84  87  89 
JCC (lagged three months)          $/bbl  83  84  113 
WTI          $/bbl  78  82  83 
JKM          $/MMBtu  15.0  10.9  38.6 
TTF          $/MMBtu  13.5  10.3  45.0 
                     

·      Average realised price for pipeline gas was A$6.8/GJ in Western Australia, A$13.4/GJ in east coast Australia and $4.4/Mcf for International in Q4 2023.[33]

Expenditure (US$ million)

  Three months ended  Year to date 
  Dec 2023  Sep 2023  Dec 2022  Dec 2023  Dec 2022[34] 
Exploration and evaluation expense           
Exploration and evaluation expensed  108  123  239  364  454 
Permit amortisation  11 
Total  110  126  242  373  465 
           
Capital expenditure           
Exploration and evaluation capitalised[35],[36]  43  175  119 
Oil and gas properties  1,449  1,313  1,342  5,270  3,903 
Other[37]  74  44  256  92 
Total  1,566  1,360  1,356  5,701  4,114 
           
Trading costs  181  265  260  1,068  1,777 
             

Key project expenditure (US$ million)

  Three months ended  Year to date 
  Dec 2023  Sep 2023  Dec 2022  Dec 2023  Dec 2022 
Capital expenditure           
Scarborough[38]  826  613  599  2,643  1,841 
Sangomar  211  257  290  1,019  1,017 
Trion  154  111  273 



Exploration

·      In the US Gulf of Mexico (GoM), Woodside was the highest bidder on 18 leases in Lease Sale 261. The final award of these leases is pending regulatory approval. 

·      Completed a transaction with Chevron in which Woodside acquired a 30% working interest in 11 Chevron operated leases in the central GoM. In exchange, Chevron acquired a 25% working interest in seven Woodside operated leases in western GoM.

Permits and licences

Key changes to permit and licence holding during the quarter ended 31 December 2023 are noted below.

Region  Permits or licence areas  Change in interest (%)  Current interest (%)  Remarks 
GoM  AT 409, AT 452, AT 453, AT 454, AT 228, AT 273, AT 274, AT 424, AT 425, AT 469, AT 470  30%  30%  Chevron transaction 
GoM  AC 81, AC 82, AC 125, AC 126, AC 39, AC 127, AC 170  (25%)  45%  Chevron transaction 
GoM  AC 39, AC 127, AC 170  (45%)  0%  Leases expired 
Canada (Liard basin)  PNG- 61962, 63597[39], 6368639, 6444439, 6444639, 65569, 65570, 65572, 65573, 65575, 65576, 65997, 66264, 66265, 66266, 66267, 66268, 66270, 66271, 67385, 67386, 67387, 67388, 67389, 67390, 67391, 67392, 67393  (50%)  50%  Liard transaction 

Seismic and geophysical survey activity

Region  Field  Permits or licence areas  Remarks 
Northern Carnarvon Basin / Exmouth Plateau  Scarborough  Petroleum titles WA-61-L and WA-62-L  Acquisition completed of 4D seismic baseline survey, 1,648 km2 Full Fold. 



Production rates

Average daily production rates (100% project) for the quarter ended 31 December 2023:

  Woodside
share[40] 
Production rate
(100% project, Mboe/d) 
Remarks   
    Dec 2023  Sep 2023   
AUSTRALIA         
NWS Project         
LNG  30.44%  278  238  Production was higher following completion of planned turnaround and maintenance activities on the North Rankin Complex, Goodwyn Platform and the Karratha Gas Plant in Q3 2023. 
Crude oil and condensate  30.45%  46  46 
NGL  30.49%  10  10 
         
Pluto LNG         
LNG  90.00%  119  123   
Crude oil and condensate  90.00%  11  11 
         
Pluto-KGP Interconnector       
LNG  100.00%  28  22   
Crude oil and condensate  100.00% 
NGL  100.00% 
         
Wheatstone[41]         
LNG  11.77%  231  239   
Crude oil and condensate  15.69%  34  31 
         
Bass Strait         
Pipeline gas  43.75%  80  105  Production was lower due to planned onshore and offshore maintenance works and lower market demand during summer. 
Crude oil and condensate  42.34%  18  23 
NGL  46.04%  24  30 
         
Australia Oil         
Ngujima-Yin  60.00%  22  21   
Okha  50.00%  13  13   
Pyrenees  64.86%  11  12   
         
Other         
Pipeline gas25F[42]    37  38   
           
             



  Woodside
share[43] 
Production rate
(100% project, Mboe/d) 
Remarks 
    Dec 2023  Sep 2023   
INTERNATIONAL         
Atlantis         
Crude oil and condensate  38.50%  78  77   
NGL  38.50% 
Pipeline Gas  38.50%   
         
Mad Dog         
Crude oil and condensate  20.86%  107  114  Production was lower due to planned downtime. 
NGL  20.86% 
Pipeline Gas  20.86% 
         
Shenzi         
Crude oil and condensate  64.39%  46  36  Production was higher following completion of planned maintenance in Q3 2023. 
NGL  64.39% 
Pipeline Gas  64.39%   
         
Trinidad & Tobago         
Crude oil and condensate  75.47%[44]   
Pipeline gas  50.41%44  60  56 
Source: EvaluateEnergy® ©2024 EvaluateEnergy Ltd