Australia's Woodside Trims Production Guidance

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Australia's Woodside has lowered the high end of its production guidance for this year after encountering problems that led to a year-on-year decline of 7% in output during the first half of the year. Production guidance for 2021 was reset at 90 million-93 million barrels of oil equivalent -- down from 90 million-95 million boe previously. In terms of a daily rate, the high end has been lowered to 254,795 boe/d from 260,274 boe/d. During the first half of 2021 Woodside's production fell to 255,801 boe/d from 275,274 boe/d in the same period of 2020. In an earnings conference call with analysts and reporters, CEO Meg O'Neill cited weather-related downtime and operational challenges, particularly at two floating production storage and offloading (FPSO) vessels. O'Neill appeared to be referring to a strike by union workers at the Okha and Ngujima-Yin FPSOs that produce oil from the Wanaea and Vincent fields offshore northwest Australia. She said the updated production guidance was not linked to the earlier-than-expected depletion of a gas field in the same region that supplies gas to the onshore North West Shelf LNG and gas processing facilities. News of that problem emerged in May and a trader described it at the time as having a "big impact with long-term consequences" (WGI May19'21). Jera -- a Japanese LNG buyer -- was understood to have been asked to postpone delivery of some cargoes because of the problem at the field. Infrastructure Investors

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