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Woodside Downgrades 2013 Production Target

2013-07-04
Australia's Woodside Petroleum Ltd. reported a downgrade in its 2013 production target range to 85 to 89 million barrels of oil equivalent (MMboe), compared to the previous target range of 88 to 94 MMboe.

Woodside cited two principal reasons for the revision in production target.

Firstly, there has been a temporary interruption to Pluto gas production resulting from an unplanned shutdown of the LNG processing train. While production is expected to recommence shortly, the likely impact of the shutdown is a deferral of approximately 2 MMboe, which is Woodside's share of Pluto's output.

Secondly, the scheduled refurbishment of the Vincent floating production storage and offloading (FPSO) vessel will
take longer than expected. As a result, production from the Vincent oil field is now likely to recommence in October 2013, which would result in a deferral of approximately 1 MMboe (Woodside share). The Vincent FPSO was taken to Singapore for planned shipyard maintenance in the first quarter of 2013.