Australian energy giant Woodside Petroleum is directing its efforts in the next couple of years toward production growth. Namely, the company expects its output over the next three years to grow by 15%.
At its annual investor briefing day on Tuesday, the company outlined plans to further grow production in the years ahead, focusing on cost-effective opportunities to maximize the potential of its existing assets while unlocking value from its significant resource base.
Woodside CEO Peter Coleman said: “Our portfolio offers exciting prospects for growing shareholder value that will coincide with rising global demand for gas and an anticipated supply shortfall. In particular, Woodside is well positioned to capitalize on an expected increase in demand from emerging Asian markets.
“Woodside has taken advantage of market conditions to strategically build its portfolio with a view to growing production by attracting resources to existing facilities on the planned Burrup Hub.
“At a time when large greenfield projects are challenging, Woodside is preparing to capture new value from low-cost brownfield developments.
In his speech, Coleman outlined three five-year horizons, during which Woodside would focus on cash generation, unlocking value and repeating successes.
The first horizon, from 2017-2021, will focus on cash generation from several projects including Wheatstone, Greater Enfield, and Persephone and the second horizon, from 202-2026, will focus on unlocking value from Browse, Scarborough and Myanmar.
From 2017 to 2020 the company plans to increase its production by 15%. In 2020, Woodside plans for the Wheatstone project to deliver 13 mmboe and Greater Enfield 10 mmboe. GWF-2 and Persephone will contribute about 10 mmboe.
According to the company, Pluto expansion and Senegal have potential to contribute further 18 mmboe per annum following start-up.