Woodside moves ahead with Australian & African projects
Offshore staff
(Australia) - In its 3Q2005 report, Woodside Petroleum Ltd. says it was pushing ahead with the Phase V expansion of the North West Shelf project with about 40% of the approved budget now committed. The company said it was also developing the Otway gas project, Enfield oil project and the Pluto project in Australia, along with other assets in Africa and the US.
Its revenue rose 24% to $741.2 million on the back of increased production and high global crude prices. The company's production for the quarter came in at 14.9 MMboe, up 3.2% on the previous corresponding period, but down 5.5% on the second-quarter.
Woodside notes production was boosted by increased volumes from existing facilities and the acquisition of new fields in the GoM, but was hit by repairs required to one of its North West Shelf processing trains, causing delivery delays for the first time in the project's 16-year history.
The company's year-to-date revenue, which was up 27.6% on the first nine months of 2004, was $1.97 billion.
During the September quarter Woodside reported it spent $142.5 million on exploration and evaluation and $330.1 million on capital expenditure.
10/19/05