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AFX Asia (Focus): Australia’s Woodside Q1 production up 25.9 pct yr-on-yr, down 4.9 pct vs Q4

Published: Apr 18, 2007

SYDNEY (XFN-ASIA) – Woodside Petroleum Ltd said production over the three months to March rose 25.9 pct year-on-year to 18.0 mln barrels of oil equivalent (mmboe).

The company, 34 pct-owned by the Royal Dutch Shell Group, said the production outcome was primarily the result of improved North West Shelf Venture (NWSV) production and the contribution from the Enfield oil field which started production in July 2006.

Production slipped 4.9 pct compared to the December quarter due to tropical cyclone activity.

The six equal participants in the North West Shelf venture with 16.67 pct each are Woodside Energy, BHP Billiton Petroleum, BP Developments Australia, Chevron Australia, Japan Australia LNG (MIMI) Pty Ltd – comprising Mitsui and Mitsubishi – and Shell Development (Australia).

China’s CNOOC NWS is also a member of the venture but does not have an interest in North West Shelf’s infrastructure.

Woodside’s revenue in the first quarter jumped 24.9 pct year-on-year to 899.3 mln aud, but was down 18.1 pct from the December quarter due to lower sales volumes and lower commodity prices.

In February, the company announced it was targeting a 6-15 pct rise in annual production over 2007 to 72-78 mln boe, rising to 120 mln boe in 2008.

(1 usd = 1.20 aud)

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