Thursday April 17, 10:44 AM

Woodside sales, production down in Q1

Oil and gas producer Woodside Petroleum Ltd has reported lower production and sales for the first quarter of 2008, due to the impact of tropical cyclones off the north west coast of Australia, shut downs and maturing fields. Production for the three months ended March 31 totalled 17.2 million barrels of oil equivalent (MMboe), down four per cent from the same quarter in 2008. Sales reached 17 MMboe, reflecting a fall of one per cent. But revenue rose 22 per cent to $1.09 billion. "Strong performance from the Stybarrow field, reinstatement of production from the Corallina field and the ramp up of Otway production only partially offset the production impact of tropical cyclones off the north-west coast of Australia, the Karratha gas plant shutdown in January and natural field decline of our mature oil fields during the first quarter," Woodside said. Production was also impacted by remedial work at the Enfield and Mutineer-Exeter fields, and the 2007 sale of non-core assets, Legendre and Chinguetti. Sales revenue jumped as higher commodity prices outweighing slightly lower sales volumes and a significantly higher Australian dollar exchange rate. Against the December quarter of 2007, production and sales were also lower, by four per cent and five per cent, respectively. Revenue fell six per cent from $1.171 billion in the fourth quarter.