Unless otherwise stated, all petroleum resource estimates on
this website are quoted as at the balance date (i.e. 31 December) of
Woodside’s most recent Annual Report released to ASX, net Woodside share at standard oilfield conditions of 14.696 psi (101.325 kPa)
and 60 degrees Fahrenheit (15.56 deg Celsius).
Woodside reports reserves net of the fuel and flare
required for production, processing and transportation up to a reference point.
For offshore oil projects, the reference point is defined as the outlet of the
Floating Production Storage Facility (FPSO), while for the onshore gas projects
the reference point is defined as the inlet to the downstream (onshore)
Woodside uses both deterministic and probabilistic methods
for estimation of petroleum resources at the field and project levels. Unless
otherwise stated, all petroleum estimates reported at the company or region
level are aggregated by arithmetic summation by category. Note that the
aggregated Proved level may be a very conservative estimate due to the
portfolio effects of arithmetic summation.
‘MMboe’ means millions (106) of barrels of oil
equivalent. Dry gas volumes, defined as ‘C4 minus’ hydrocarbon components and
non-hydrocarbon volumes that are present in sales product, are converted to oil
equivalent volumes via a constant conversion factor, which for Woodside is 5.7
Bcf of dry gas per 1 MMboe. Volumes of oil and condensate, defined as ‘C5 plus’
petroleum components, are converted from MMbbl to MMboe on a 1:1 ratio.
Unless otherwise stated all petroleum resource estimates refer
to those estimates set out in the Reserves Statement in Woodside’s most recent
Annual Report released to ASX.
Woodside is not aware of any new information or data that materially affects
the information included in the Annual Report. All the material assumptions and
technical parameters underpinning the estimates in the Annual Report continue
to apply and have not materially changed.
The estimates of petroleum resources are based on and
fairly represent information and supporting documentation prepared by qualified
petroleum reserves and resources evaluators. The estimates have been approved
by Mr Ian F. Sylvester, Woodside’s Vice President Reservoir Management, who is
a full-time employee of the company and a member of the Society of Petroleum
Engineers. Mr Sylvester’s qualifications include a Master of Engineering
(Petroleum Engineering) from Imperial College, University of London, England,
and more than 20 years of relevant experience.