Woodside’s international assets include deepwater production facilities in the Gulf of Mexico plus acreage in the USA, Myanmar, Brazil, Peru, Republic of Korea, the Republic of Ireland* and the Canary Islands.
In 2012, Woodside also entered into a conditional agreement to take equity in the Leviathan gas field offshore Israel, one of the largest recent discoveries world-wide.
USA Gulf of Mexico
Neptune and Power Play
Woodside Share: 17.5% and 16.3% N.R.I.*, respectively
The Neptune and Power Play oil developments began production in July and June 2008 respectively. Both are mature fields experiencing natural field decline. Woodside’s share of 1H 2013 production from all of its interests was approximately 0.5 MMboe (0.4 MMboe in 1H 2012).
* Net revenue interest
During 1H 2013 work continued to convert the in-principle agreement to take 30% equity in the Leviathan field into a fully termed agreement. The Israeli Government set out its policy framework for the export of natural gas on 23 June 2013. The Israeli Government maintained its domestic gas reservation for Leviathan at 50%, despite an aggregate increase in reservation volumes for all fields to 60%. Leviathan is a world class asset with a gross (100%) contingent resources (2C) of 18.9 Tcf of gas and 34.1 million barrels of condensate.
In January 2014 Woodside signed a Sole Proponent Agreement with the Government of British Columbia to access land located at Grassy Point on Canada’s west coast.
Woodside is currently assessing the feasibility of a Liquefied Natural Gas (LNG) development at Grassy Point.
The opportunity is a strong match for Woodside’s extensive capabilities in designing, constructing and safely operating LNG export facilities.
Woodside Share: 33.4% (operator)
The Greater Sunrise fields hold gross (100%) contingent resources (2C) of 5.1 Tcf of gas and 225.9 million barrels of condensate (net Woodside share of 1.7 Tcf of dry gas and 75.6 million barrels of condensate).
In mid 2013 the Timor-Leste Government referred a dispute with the Australian Government, relating to the Treaty on Certain Maritime Arrangements in the Timor Sea, to international arbitration in accordance with the dispute resolution procedure in the Timor Sea Treaty. Woodside remains committed to developing the Greater Sunrise fields.
Republic of Ireland
Woodside Share: 85% and 90% (operator)
Woodside farm-in offers were accepted for offshore blocks located in the emerging Porcupine Basin off Ireland.
- Petrel Resources plc has accepted Woodside’s offer to acquire 85% participating interest in Licensing Option 11/6 (comprising offshore blocks 45/6, 45/11 and 45/16) and Licensing Option 11/4 (comprising offshore blocks 35/23, 35/24 and 35/25).
- Bluestack Energy Limited has accepted Woodside’s offer to acquire 90% participating interest in Licensing Option 11/3 (comprising blocks 35/25(e), 35/30, 36/21, 36/26, 44/5(p) and 45/1).
Both offers also include any subsequent frontier exploration licences that are granted in respect of the licensing options. Subject to execution of the agreements, due diligence and final approvals, Woodside will become operator of the licences.MyanmarWoodside Share: 50% (Block A-6 - non operator) and 40% (Block AD-7 non operator)
During 1H 2013, Woodside worked with our local partner (MPRL E&P) to support the acquisition of 1,786km2 of 3D seismic (the Padauk 3D MSS) in Myanmar as part of the farmin obligation to block A-6. Seismic processing is underway. Subsequent to the end of 1H 2013, Woodside received confirmation that government approvals have been granted for its participation in block A-6. Woodside plans to acquire more than 1000 km2 of 3D seismic in the deepwater portion of block AD-7 later in 2013, with our partner Daewoo.
Republic of Peru
Woodside Share: 20% (non operator)
Woodside and its joint venture participants are awaiting environmental approval to acquire a 2D seismic program to improve prospect definition in Block 108. The block remains in Force Majeure until environmental approvals are received.
Republic of Korea
Woodside Share: 50% (operator)
Woodside and its joint venture participants are currently undertaking studies in Block 8/6-IN in light of the results of the unsuccessful Jujak-1 well in 2012.
Woodside Share: 30% (non operator)
Woodside and its joint venture participants are currently undertaking seismic pre-stack depth migration (PSDM) reprocessing and studies in blocks Canaries 1 to 9. Preparation of data for applications to drill in 2014 is also underway.
Woodside Share: 12.5% (non operator)
The results of the appraisal well Panoramix-3 and of the Vampira-1 re-entry are being evaluated.