Woodside reported a 10% decrease in its 2010 annual production compared to 2009 due to the sale of Otway interests and oil field natural decline. The company recorded 20% growth in its annual revenue due to higher commodity prices and the positive conclusion of LNG price negotiations.
- Production of 72.7 MMboe in line with guidance (2010 target range: 70 – 75 MMboe), but down 10.1% (2009: 80.9 MMboe), largely due to the Otway sale in March 2010 and oil-field natural decline.
- Annual sales revenue of $4,193 million up 20.2% (2009: $3,487 million) despite the lower sales volume of 72.2 million barrels oil equivalent (2009: 80.7 MMboe), largely due to higher commodity prices and the positive conclusion of certain LNG pricing negotiations.
- Reserves replacement ratio remains strong at 148%, up 1.4% (2009: 146%). Proved plus Probable reserves at the end of 2010 were 1,680.1 MMboe, up 1.7% (2009: 1,651.2 MMboe). Proved plus Probable reserve to production ratio has increased to 24 years.
- 2010 Operational highlights
- 2010 Project highlights.