Woodside Energy Group Ltd. has announced a significant increase in its reserves and provided an update on the successful Sangomar project in its latest statement.
The company’s proved reserves increased by 54.9 MMboe and proved plus probable reserves grew by 46.2 MMboe, excluding divestments and production.
At the end of 2024, Woodside reported remaining proved (1P) reserves of 1,975.7 MMboe, proved plus probable (2P) reserves of 3,092.2 MMboe, and 2C contingent resources of 5,869.7 MMboe.
The company’s proved reserves life stands at 9.6 years, with proved plus probable reserves life at 15 years based on 2024 production levels.
Woodside CEO Meg O’Neill highlighted the strength of the company’s portfolio, stating: “The reserves update underscores Woodside’s high-quality assets and disciplined execution.
“The outstanding early performance at Sangomar again demonstrates Woodside’s proven record of delivering large-scale projects that provide sustainable returns over the long term.”
The Sangomar project, located offshore Senegal, achieved first oil in 2024 and has shown impressive performance.
The project ramped up in less than nine weeks and achieved over 94 per cent production reliability in Q4 2024.
Sangomar produced 13.3 MMboe of crude in 2024, generating approximately US$950 million in revenue.
The final cost for the Sangomar Field Development Phase 1 was approximately US$5 billion, at the lower end of the previously estimated range.
Early performance from the S500 reservoirs has led to proved and proved plus probable reserves additions of 16.2 MMboe and 15.4 MMboe respectively.
Woodside’s reserves update also reflects the impact of the divestment of 25.1 per cent of its equity interest in the Scarborough field, which led to reductions in proved reserves of 323 MMboe and proved plus probable reserves of 504.7 MMboe.
Looking ahead, Woodside is preparing for its next phase of growth, including the execution of Scarborough and Trion projects, and a final investment decision on Louisiana LNG.
The company’s 2024 full-year results are scheduled for release on Tuesday, February 25, 2025.
