Australia’s Woodside wraps up Pluto gas reserves review

Australian LNG firm Woodside has completed a review of reserves for its Pluto project, posting a rise in 1P reserves and a decline in 2P reserves.

The review of proved (1P) and proved plus probable (2P) reserves follows completion of integrated subsurface studies incorporating 4D seismic and well performance data, Woodside said on Friday.

The Pluto LNG export facility on Western Australia’s Burrup Peninsula currently processes gas from the offshore Pluto and Xena gas fields in Western Australia.

Gas arrives through a 180 km trunkline to the single onshore 4.9 mtpa LNG processing train. Woodside is also working on the second LNG train.

Woodside said Pluto’s 1P reserves have increased by 10 percent to 317.1 millions of barrels of oil equivalent (MMboe).

On the other side, its 2P reserves dropped 10 percent to 394.9 MMboe.

Woodside CEO Meg O’Neill said Woodside’s understanding of the Pluto and Xena fields has improved since the start-up of Pluto in May 2012.

“The Greater Pluto region is a significant and valuable resource for Woodside. Having already produced more than 440 million barrels of oil equivalent from the Pluto and Xena reserves since start-up in 2012, the Greater Pluto region has 2P total reserves of approximately 360 million barrels of oil equivalent for production in the years ahead,” she said.

Woodside is the operator of Pluto LNG via Woodside Burrup (90 percent), while the other partners include Kansai Electric Power Australia (5 percent) and Tokyo Gas Pluto (5 percent).

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