Woodside: 1Q Production rises. Browse FLNG FEED expected in 2H 2014

Woodside Energy, an Australia-based oil and gas producer, today announced its 1Q 2014 output volumes rose 5 percent, compared to the same period in 2013.

The company said that production rose due to the restart of the Vincent FPSO in late 2013. Sales volumes were 6.9% higher compared the corresponding period  in 2013.

Sales revenue for the quarter was US$1,675 million, up 15.9% on Q1 2013 predominantly due to additional oil volumes sold and higher realised prices for Pluto LNG volumes sold in the period. The average Brent price for the quarter was $107.87/bbl, below the $112.64/bbl in the corresponding period.

Browse FLNG

Among other things, during the quarter Woodside continued basis of design (BOD) activities for the floating LNG (FLNG)  development concept. This concept involves using Shell’s FLNG technology and Woodside’s offshore development expertise for the Browse LNG Development. The BOD phase involves studies and work required by the Browse Joint Venture  participants to be in a position to consider entering front-end engineering and design (FEED) in 2H 2014.  FEED is the last stage before a Final Investment Decision (FID), which Woodside is targeting for 2H 2015.

On 10 January 2014, Woodside was advised by the Commonwealth Department of Environment that the  proposed Browse FLNG Development will be assessed by an Environmental Impact Statement (EIS).  Woodside has begun development of the EIS and anticipates that the draft EIS will be available for  public review and comment in 2H 2014.

On 12 March 2014, Woodside issued a notice of withdrawal from the Browse LNG Precinct Regional  Benefits Agreement (RBA). Woodside’s withdrawal from the RBA and the Browse LNG Precinct Project  Agreement took effect on that date.