Woodside trims Greater Pluto reserves

A review of Woodside Petroleum's oil and gas reserves led to a 10 per cent trim on its proven and probable resource volumes but has in turn increased solely proven reserves by the same amount.

The update follows the completion of integrated subsurface studies and well performance data, which chief executive Meg O'Neill said has provided an improved understanding of its offshore Pluto and Xena gas fields in WA.

The review resulted in a 10 per cent increase in 1P, or proved reserves, and a 10 per cent decrease in 2P proved and probable reserves of Woodside’s share at Greater Pluto.

“The Greater Pluto region is a significant and valuable resource for Woodside,” Ms O'Neill said.

“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.”

The adjustment follows a marked decrease in Woodside’s reserves at Wheatstone revealed in its recent quarterly report, under which proved total reserves fell from 154.2 millions of barrels of oil equivalent to 112.6 MMboe.

Further reserves reclassifications are expected in 2022.

Woodside shares closed the day down 1.78 per cent to trade at $22.58.