(Corrects fifth paragraph to say second LNG “train”, not “cargo” from Wheatstone is expected in 6 to 8 months)
Oct 19 (Reuters) - Woodside Petroleum, Australia’s largest independent oil and gas producer, reported a 7 percent dip in third-quarter revenue as output from the North West Shelf in Western Australia declined, and slashed its full-year output guidance range.
Revenue in the quarter slipped to $914 million from $988 million in the year-ago period, short of UBS’s forecast of $992 million, while output fell to 20.3 mmboe from 25.2 mmboe last year, compared with UBS’s forecast of 21.9 mmboe.
Woodside also said it had appointed Sherry Duhe as its chief financial officer, effective Dec. 1.
The company narrowed its forecast for full-year production to 84 million to 86 million barrels of oil equivalent (mmboe), from 84 mmboe to 90 mmboe, citing the timing of the first train of its Wheatstone project.
Woodside said the second liquefied natural gas (LNG) train from the Wheatstone project, in which it holds a 13 percent stake, is expected in 6 to 8 months.
The project, which is run by Chevron Corp and started LNG production earlier this month, is expected to contribute more than 13 mmboe to the company’s annual output once fully operational, Woodside added.
The company said the Pyi Tharyar-1 well in Block A-6 in Myanmar intersected a thin column of gas-saturated sands, which is unlikely to be commercially recoverable.
Woodside has the most petroleum acreage offshore Myanmar, which has also been targeted by majors like Royal Dutch Shell and France’s Total SA. The Australian company has targeted the country as one of its main sources of growth after 2021.
Woodside shares fell as much as 0.9 percent in early trade while the broader market was flat. (Reporting by Christina Martin in Bengaluru; Editing by Stephen Coates)