By OGJ editors
HOUSTON, June 27 -- Woodside Petroleum Ltd., Perth, has revised its 2006 production target of 76 million bbl of oil equivalent to 72 million bbl because of reservoir under-performance at Chinguetti oil field in Mauritania and construction delays at the Otway project in southern Australia.
Woodside expected that weaker production from Chinguetti field and delayed start-up of its Otway project would have been mitigated by the planned start-up in late May-early June of its Enfield oil project in Western Australia.
Woodside Chief Executive and Managing Director Don Voelte said, "The breakage of a winch wire during mooring of the floating production vessel a few days before [Enfield's] planned start up has caused [the company] to sail the vessel to Singapore for repairs."
The Western Australia project delay was due to six cyclones early this year on the North West Shelf. Also contributing to the firm's production revision were development delays due to high demand for oil and gas services following last years hurricanes in the US Gulf of Mexico.
Voelte said, "Despite the lowering of the 2006 production growth estimate, it is 21% higher than 2005 [production of 59.7 million boe] and the company's growth outlook over the next few years remains strong."
Enfield is expected to come on line in the third quarter, still ahead of its initial planned start date in the fourth quarter.
At Chinguetti, up to three new production wells may be drilled in the coming months as part of Woodside plans to lift production.
For the Otway project, Woodside does not expect earlier production since construction at the onshore gas plant has fallen behind schedule, but said it is working to maintain gas delivery agreements with customers.