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AFX Europe (Focus): Australia’s Woodside Q3 production and revenue jump to record levels

Published: Oct 19, 2006

SYDNEY (XFN-ASIA) – Woodside Petroluem Ltd said production and revenue rose to record levels over the three months to September due to first production from some fields and still high world oil prices.

Australia’s largest independent gas and oil producer, which is 34 pct owned by the Royal Dutch Shell group, said production in the September quarter rose to a record 19.1 mln barrel of oil equivalent (boe).

The company’s output in the third quarter was 22.3 pct higher than production in the June quarter and was up 27.7 pct year-on-year.

Woodside said the increased production was primarily due to first production at the Enfield oil project off the coast of north western Australia which well ahead of the original target of coming onstream in the December quarter.

It said the record production result was also a result of increased liquids production rates at the Cossack Pioneer, Laminaria-Corallina, Legendre and North-West Shelf condensate facilities.

Woodside’s revenue jumped to a record 1.1446 bln aud during the September quarter, up 35 pct from the previous quarter and surging 53.4 pct compared to the September quarter of 2005.

The record revenue was due to the record production in the third quarter and high commodity prices.

(1 usd = 1.32 aud)

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