Friday 5 November 2021

Woodside has completed a review of the reserves and resource estimates for the Greater Pluto region. Excluding 2021 production to date, the 1P Total reserves have increased by approximately 10% and the 2P Total reserves have decreased by approximately 10%.

The review follows completion of integrated subsurface studies incorporating 4D seismic and well performance data. The updated estimate has been calculated based on a probabilistic method. Previously a deterministic method had been used to calculate the reserves and resource estimates for the Pluto-Xena fields.

The revision to the Greater Pluto reserves (MMboe, Woodside share) is: *Small variances due to rounding.

The reclassification of Pyxis Hub reserves from undeveloped to developed is due to achieving ready for start-up (RFSU) in October 2021 for the Pyxis and Pluto North wells.

 Further reserves reclassification from undeveloped to developed is expected in 2022 with the targeted RFSU of the Xena-2 well and the Pluto water handling project.

In addition, the Greater Pluto 2C Contingent Resource decreased by approximately 7% from 234.3 MMboe to 218.4 MMboe.

 The decrease includes the reclassification of 6.2 MMboe from 2P Undeveloped Reserves to 2C Contingent Resource due to removal of late life compression from the reference development plan.

Woodside CEO Meg O’Neill said Woodside’s understanding of the Pluto and Xena fields has improved since the start-up of Pluto in May 2012.

“The 4D seismic survey undertaken in 2020, together with the performance of the wells in these fields, has enabled us to narrow the 1P and 2P reserves range.

“The Greater Pluto region is a significant and valuable resource for Woodside. Having already produced more than 440 million barrels of oil equivalent from the Pluto and Xena reserves since start-up in 2012, the Greater Pluto region has 2P Total reserves of approximately 360 million barrels of oil equivalent for production in the years ahead.

“We are continually reviewing and optimising the efficient development of this long-life asset based on improved reservoir data,” she said.