Production in-line with 2007 guidance and within 3% of record 2006 levels
- Positively impacted by the start-up of Oyong oil production, negatively impacted by planned maintenance shutdowns at the Bayu-Undan and Moomba processing facilities and lower oil production from the Mutineer-Exeter fields.
Higher realised gas prices
- The 2007 average portfolio gas price of $3.95 was 6% higher than 2006.
Higher realised oil prices, although adversely impacted by stronger A$
- The Q4 2007 realised oil price of A$110.76 was a record, and 25% above the previous corresponding period in 2006.
- The full year 2007 oil price of A$92.10 was 3% above 2006 levels. In US$ terms, the oil price increased by 19%.
Key activities during the December quarter
- Kipper gas development project (Gippsland Basin) sanctioned, with first gas expected in H1 2011.
- Henry gas development project (Otway Basin) sanctioned, with first gas expected in H1 2009.
- Phase 2 of the Oyong field development (Indonesia) sanctioned, with first gas expected in H1 2009.
- Reindeer gas field development (Carnarvon Basin) FEED completed, with project sanction anticipated during H1 2008.
- New country entry into Bangladesh, with a subsequent gas discovery at the Magnama prospect.
- Legislation removing the 15% shareholder cap was passed. Cap removal will be effective from 29 November 2008.