July 19, 2018 / 12:04 AM / 5 months ago

UPDATE 1-Australia's Woodside Petroleum Q2 output buoyed by Wheatstone

(Adds details, context, executive comment)

July 19 (Reuters) - Woodside Petroleum Ltd said on Thursday its second-quarter revenue jumped 20 percent, helped by the ramp-up of production at the Wheatstone liquefied natural gas (LNG) project and higher oil prices.

Australia’s largest listed oil and gas explorer said production for the quarter ended June 30 rose to 22.1 million barrels of oil equivalent (mmboe), from 20.7 mmboe a year ago.

Sales revenue for the quarter was $1.08 billion, compared with $867 million a year ago.

Production started in June from the second of two trains at the Chevron Corp operated Wheatstone LNG venture, in which Woodside has a 13 percent stake.

“Wheatstone Train 2 has achieved high production rates, building on the continuing operational success at Train 1,” Woodside chief executive Peter Coleman said in the quarterly report.

“Output from Wheatstone, along with oil and gas from the Greater Enfield and Greater Western Flank Phase 2 developments, will contribute to targeted production of approximately 100 mmboe in 2020.”

Oil prices rose about 13 percent over the June quarter, spurred mainly by concerns over production cuts.

Reporting by Ambar Warrick in Bengaluru; editing by Richard Pullin

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