Woodside curbs Pluto gas reserves

Australian energy giant Woodside has cut the proved and probable gas reserves estimate for the Greater Pluto area offshore Western Australia by 10 per cent following subsurface studies.

In an update on Friday, Woodside said it had completed a review of the reserves and resource estimates for the Greater Pluto region. Excluding 2021 production to date, the 1P Total reserves have increased by approximately 10 per cent and the 2P Total reserves have decreased by approximately 10 per cent.

The Greater Pluto region comprises the Pluto-Xena, Pyxis, Larsen, Martell, Martin, Noblige, and Remy fields. Woodside holds a 90 per cent interest, as the operator, in the WA-34-L production licence covering the Pluto, Xena, and Pyxis fields and 100 per cent interest in the WA-404-P exploration permit, covering the Larsen, Martell, Martin, Noblige and Remy fields. Pluto LNG processes gas from the Pluto and Xena gas fields and the gas is piped through a 180 km trunkline to a single onshore LNG-processing train.

The review follows the completion of integrated subsurface studies incorporating 4D seismic and well performance data. The updated estimate has been calculated based on a probabilistic method. Previously a deterministic method had been used to calculate the reserves and resource estimates for the Pluto-Xena fields.

Woodside explained that the reclassification of Pyxis Hub reserves from undeveloped to developed is due to achieving ready for start-up (RFSU) in October 2021 for the Pyxis and Pluto North wells. Further reserves reclassification from undeveloped to developed is expected in 2022 with the targeted RFSU of the Xena-2 well and the Pluto water handling project, the company said.

In addition, the Greater Pluto 2C Contingent Resource decreased by approximately 7 per cent from 234.3 MMboe to 218.4 MMboe. The decrease includes the reclassification of 6.2 MMboe from 2P Undeveloped Reserves to 2C Contingent Resource due to the removal of late-life compression from the reference development plan.

Woodside CEO, Meg O’Neill, said: “The 4D seismic survey undertaken in 2020, together with the performance of the wells in these fields, has enabled us to narrow the 1P and 2P reserves range. The Greater Pluto region is a significant and valuable resource for Woodside. Having already produced more than 440 million barrels of oil equivalent from the Pluto and Xena reserves since start-up in 2012, the Greater Pluto region has 2P Total reserves of approximately 360 million barrels of oil equivalent for production in the years ahead.”