Woodside cuts production forecast

Woodside Petroleum has forecast its 2019 output will be at the lower end of its guidance of 88 million to 94 million barrels of oil equivalent, as a result of maintenance issues at its Pluto liquefied natural gas plant.

In a statement, Woodside said its Pluto LNG turnaround was completed as planned but the mixed refrigerant compressor experienced vibration on restart.

“As a result, further activities extending the turnaround have commenced to achieve the restart of production, targeted for the end of June 2019,” it said.

“Woodside has made arrangements to meet obligations to our customers, including the purchase of third-party cargoes.

“Woodside appreciates the support of our foundation customers and joint venturers.”

The issues at Pluto come ahead of a final investment decision next year on its $15 billion Scarborough development.

The development will bring one of Western Australia’s most remote gas fields into production and underpin construction of a second LNG processing train at the Pluto plant.

Shares were up 0.7 per cent to trade at $34.89 at 11.20am AEST.