Woodside estimates LNG ramp-up into Q1 2018

Woodside Petroleum’s fourth quarter report has been released, and while the company’s overall production levels did not lift by a great deal, its LNG estimates for 2018 are up significantly on 2017 actual figures.

In 2017, Woodside produced 61.7 million barrels of oil equivalent, while 2018 guidance is set at 69 to 71 million. Meanwhile, full year guidance across the company’s entire portfolio estimates a modest increase across the next year, lifting from 84.4 million barrels of oil equivalent in 2017 to between 85 and 90 million for 2018.

The onshore Pluto LNG gas field, about 190km off the coast of Karratha in Western Australia’s northwest, achieved record fourth quarter production, up 1.6 million barrels of oil equivalent from third quarter results, and 0.4 million from fourth quarter 2016 results.

In addition, Woodside’s Wheatstone LNG project is also expected to push entered train one production in November 2017, and train two is nearly complete, with first LNG production expected in the second quarter of 2018.

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