Woodside announced today that it has added 266 MMboe of proved oil and gas reserves in 2023, replacing 132 per cent of production, and 318 MMboe of proved plus probable reserves in 2023, which will replace 158 per cent of production.
The company claimed that its proven reserves life is expected to be 12.2 years based on 2023 production levels, placing it in the top quartile of global peers.
Woodside CEO Meg O’Neill stated that the reserves update reflected the quality of the broader portfolio, resulting from the merger with BHP’s petroleum assets, and established a solid foundation for delivering strong shareholder returns.
“Woodside has delivered strong operational performance over the past 12 months. We achieved record production in 2023, while progressing a world-class funnel of development opportunities, which have us well positioned for growth and returns.
“Our success in integrating the strategic merger with BHP Petroleum, combined with our ability to advance major projects and improve performance has delivered a high-quality resource base that enjoys top quartile reserves life.”
At 31 December 2023, Woodside’s remaining proved (1P) reserves were 2,450.1 MMboe, proved plus probable (2P) reserves remaining were 3,757.1 MMboe. The best estimate (2C) contingent resources remaining were 5,902.0 MMboe.
The first-time booking of reserves at Trion in Mexico and Mad Dog Southwest in the US Gulf of Mexico increased proved reserves by 204.1 MMboe and proved plus probable reserves by 300.0 MMboe.
Revisions of previous estimates and transfers in 2023 resulted in a net increase of 61.8 MMboe for proved reserves, and 17.8 MMboe for proved plus probable reserves.
This includes improved performance and technical updates at North West Shelf and Pluto, offset by a 13.4 MMboe proved reserve, and a 30.2 MMboe proved plus probable reserve, reduction at Shenzi.
The reduction in reserves at Shenzi are mainly associated with the performance of infill sidetracks and performance of the Shenzi North development following start up.
Additionally, in 2023, Woodside completed a transaction whereby Calgary-based Paramount Resources took a 50 per cent equity interest in, and operatorship of, 28 leases of the Liard field in Canada.
The transaction resulted in Woodside’s 2C contingent resources decreasing by 2,241.2 MMboe.
