Gulf Oil and Gas accountACCOUNT

Third Quarter Report for Period Ended 30 September 2020

Source: www.gulfoilandgas.com 10/22/2020, Location: Africa

Performance
• Delivered production of 25.3 MMboe, up 2% from Q3 2019.
• Delivered sales volume of 26.7 MMboe, up 10% from Q3 2019.
• Delivered sales revenue of $699 million, down 9% from Q2 2020 and 42% from Q3 2019.
• Continued to implement appropriate responses to the combined impact of COVID-19 and lower commodity prices.
• Conducted an organisational review of the company’s future workforce requirements, resulting in an approximately 8% reduction in the size of our direct employee workforce.

Executing a clear plan
• Executed a binding sale and purchase agreement to increase Woodside’s participating interest in Sangomar.
• Completed drilling activity for Pyxis Hub and Julimar-Brunello Phase 2.
• Shortlisted to apply for funding from the Australian Renewable Energy Agency (ARENA) for two renewable hydrogen projects.
• Concluded first phase of the Greening Australia and Woodside Native Reforestation Project.

Woodside CEO Peter Coleman said year-to-date production of 75.4 MMboe was an increase of 18% compared with the first three quarters of 2019.

“The operating performance of our LNG facilities during the quarter was strong. Pluto again demonstrated high reliability, with LNG production climbing by nearly four percent compared with the second quarter.

“Planned maintenance at Karratha Gas Plant’s LNG Train 3 was completed on schedule with appropriate COVID-19 management, and the facility has now returned to full operating rates.

“The changes implemented in March in response to the COVID-19 pandemic and lower commodity prices are now embedded in our operating model and we continue to pursue opportunities to reduce cost while maintaining safe and reliable operations.

“As expected, sales revenue in the third quarter was impacted by lower realised LNG prices, reflecting the oil price lag in many of our contracts. Pricing in the fourth quarter and in Q1 2021 is expected to be stronger given the improvement in oil price in recent months. In particular, I am encouraged by the strengthening Asian LNG spot price, which is now above $6.50/MMBtu for December deliveries.

“Woodside is increasing its stake in the Sangomar Field Development offshore Senegal and has executed a sale and purchase agreement with Capricorn Senegal Limited for its entire participating interest. The additional interest is expected to increase 2P reserves by approximately 68 MMboe. Delivery of project execution activities continued to plan.

“Processing of new 3D seismic data of the Sangomar field is complete and early interpretation indicates significant seismic resolution improvement. This improved data quality provides additional confidence in the Phase 1 development and is likely to assist in derisking future development phases.

“For the Scarborough field off Western Australia, we have progressed detailed studies for potentially increasing the upstream processing capacity by approximately 20% in order to optimise the development of the large offshore resource.

“I look forward to providing an update on Woodside’s strategy and value proposition at our Investor Briefing Day on 11 November 2020,” he said.

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