- Woodside Petroleum (WPL) has tabled a reserves and resource estimates update for Pluto, revealing an increase in 1P reserves and a decrease in 2P reserves
- The energy giant recently completed integrated subsurface studies, incorporating 4D seismic and well performance data, at the asset off the coast of WA
- Pluto’s updated 1P reserve is now 278.7 millions of barrels of oil equivalent (MMboe), while 2P reserves dropped to 356.5 MMboe
- Additionally, the Greater Pluto 2C Contingent Resource decreased by seven per cent from 234.3 MMboe to 218.4 MMboe
- WPL shares have dipped slightly, trading down 1.52 per cent at $22.64 each
Woodside Petroleum (WPL) has tabled a reserves and resource estimates update for Pluto, revealing an increase in 1P reserves and a decrease in 2P reserves.
1P refers to a proven reserve whilst 2P indicates a proven and probable reserve.
The LNG project is located in Western Australia and consists of the Pluto and Xena gas fields off the coast.
The energy giant recently completed integrated subsurface studies, incorporating 4D seismic and well performance data, as part of the review.
WPL said Pluto’s 1P reserve has increased to 278.7 millions of barrels of oil equivalent (MMboe), while its 2P reserves dropped to 356.5 MMboe.
The ASX-50 lister’s Greater Pluto 2C Contingent Resource also decreased by seven per cent from 234.3 MMboe to 218.4 MMboe.
Commenting on the results, Woodside CEO Meg O’Neill said the business now had a better understanding of the Pluto LNG project.
“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,” she said.
“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.”
Woodside shares have dipped slightly following the Pluto update, down 1.52 per cent at $22.64 per share at 11:51 am AEDT.