July 20, 2017 / 12:08 AM / a year ago

UPDATE 1-Australia's Woodside Petroleum posts 6.8 pct drop in Q2 output


July 20 (Reuters) - Woodside Petroleum reported a 6.8 percent fall in oil and gas output in the June quarter due to planned and unplanned outages and a previously flagged reduction in its share of pipeline gas from the North West Shelf.

Australia’s biggest independent oil and gas producer said production fell to 20.7 million barrels of oil equivalent (mmboe) in the second quarter from 22.2 mmboe in the same quarter last year.

Second-quarter revenue rose to $867 million from $825 million a year earlier, but missed a forecast of $976 million from Royal Bank of Canada. Quarterly sales volumes fell 3.8 percent to 20.3 mmboe.

The final commissioning of the Wheatstone LNG Train 1, Woodside’s main source of short-term growth, is well advanced and nearing completion, it said. Operator Chevron Corp has said it is due to start producing in the middle of this year.

Woodside bought a stake in the $34 billion Wheatstone project in 2015, and it is set to contribute more than 13 mmboe to Woodside’s annual output when complete.

Reporting by Susan Mathew in Bengaluru; Editing by Sonali Paul and Richard Pullin

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