Woodside Vitality Group Ltd. has reported 3.09 billion barrels of oil equal (boe) confirmed and possible (2P) reserves as of the top of 2024, up 46.2 million boe (MMboe) when excluding divestments and manufacturing.
The Australian firm had 2P reserves of three.76 billion boe on the finish of 2023. “Excluding the influence of divestments and manufacturing, reserves additions [in 2024] had been pushed by robust efficiency at Sangomar, profitable FIDs [final investment decisions] of initiatives in Australia and the US, and performance-based revisions throughout the portfolio, notably North West Shelf and Bass Strait”, Woodside stated in a web based assertion.
It began manufacturing within the Sangomar subject offshore Senegal within the second quarter of 2024, delivering the West African nation’s first offshore oil growth.
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“Early efficiency from the S500 reservoirs has demonstrated glorious productiveness”, Woodside stated of Sangomar. “This has resulted in proved and proved plus possible reserves additions of 16.2 MMboe and 15.4 MMboe respectively”.
Woodside’s confirmed reserves stood at 1.98 billion boe at year-end 2024, in comparison with 2.45 billion boe at year-end 2023.
The sale of a 25.1 p.c stake within the Scarborough subject offshore Western Australia to Japanese corporations diminished confirmed reserves by 323 MMboe and 2P reserves by 504.7 MMboe, Woodside stated.
Finest-estimate contingent assets remaining had been 5.87 billion boe at year-end 2024, in comparison with 5.9 billion boe at year-end 2023.
“The reserves replace underscores Woodside’s high-quality belongings and disciplined execution”, chief govt Meg O’Neill commented. “The excellent early efficiency at Sangomar once more demonstrates Woodside’s confirmed document of delivering large-scale initiatives that present sustainable returns over the long run.
“Sangomar is forecast to proceed producing on plateau into the second quarter of 2025 and with continued robust asset efficiency throughout the portfolio we’re nicely positioned for one more 12 months of delivering worth for shareholders”.
Sangomar, which Woodside operates with an 82 p.c stake, produced 13.3 MMboe of crude final 12 months.
“The undertaking ramped up in lower than 9 weeks, and achieved over 94 p.c manufacturing reliability in This autumn 2024”, Woodside stated. “Each water and fuel injection methods have been totally commissioned”.
“Future growth selections will probably be knowledgeable by 12-24 months of manufacturing information”, it stated.
O’Neill added, “As Woodside embarks on the subsequent section of progress, persevering with to execute Scarborough and Trion and getting ready for a remaining funding determination on Louisiana LNG, we’ll preserve our disciplined method and dedication to security, reliability and efficiency”.
Trion is an under-construction subject on the Mexican aspect of the Gulf of Mexico. Woodside plans start-up within the second half of 2025. Trion could have a floating manufacturing unit with an output capability of 100,000 barrels a day, to be linked to a floating storage and offloading vessel with a capability of 950,000 barrels.
In Louisiana LNG, previously Driftwood LNG, Woodside expects to make a remaining funding determination this quarter. Woodside took over Driftwood LNG, situated close to Lake Charles, Lousiana, when it acquired Tellurian Inc. for about $1.2 billion.
The under-construction undertaking is deliberate to have a capability of 27.6 million metric tons a 12 months of LNG.
To contact the writer, electronic mail jov.onsat@rigzone.com
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