January 17, 2018 / 11:31 PM / a year ago

UPDATE 1-Woodside Petroleum expects FY output to grow by up to 6.6 pct

(Adds Wheatstone project details, CEO quote, share movement)

Jan 18 (Reuters) - Woodside Petroleum said on Thursday it expects 2018 annual production to grow by up to 6.6 percent, while liquefied natural gas (LNG) prices in the first quarter should reflect higher oil prices from the final quarter of last year.

Australia’s largest independent oil and gas producer posted 2017 production of 84.4 million barrels of oil equivalent (mmboe), at the lower end of its forecast of 84-86 mmboe. It forecast 2018 production of 85 mmboe to 90 mmboe.

Sales revenue for the quarter was $939.3 million, compared with $1.01 billion last year, as the company’s share of pipeline gas from the North West Shelf declined. Production fell to 21.9 mmboe from 23.8 mmboe last year.

“The fourth quarter was underscored by a strong operational performance at Pluto LNG and the first shipment from Wheatstone LNG,” Woodside CEO Peter Coleman said in a statement.

The company said construction of a second LNG train from the Wheatstone project is on plan and is over 90 percent complete.

It said it expects the first LNG from the second train by the second quarter of 2018.

Woodside said in October that the Wheatstone project, which is run by Chevron Corp, is expected to contribute more than 13 mmboe to the company’s annual output once fully operational.

Woodside shares fell as much as 0.7 percent in early trade against a broader market that traded 0.3 percent higher.

Reporting by Christina Martin in Bengaluru; editing by Richard Pullin

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