Production impacted by Mutineer-Exeter repairs
- 1Q 2008 production of 13.7 mmboe was significantly impacted by the shutting in of the Mutineer-Exeter FPSO for electrical repairs during the majority of the quarter. The production loss from the equipment failure was 0.2 million barrels. Repairs conducted during February and early March on the FPSO’s electrical slipring turret successfully returned oil production on 19 March 2008 to an equivalent rate prior to the failure.
- Offsetting this was higher oil production in Indonesia compared to the previous corresponding period driven by the good performance of Oyong in the quarter and the solid delivery of the base East Australian gas business.
Higher sales revenue
- Record first quarter sales revenue of $634 million was 9% higher than the previous corresponding period. Higher realised gas prices
- The 1Q 2008 average portfolio gas price of $3.99 per gigajoule (GJ) was 4% higher than the previous corresponding period.
Higher realised oil prices
- The 1Q 2008 realised oil price of A$106 per barrel was 31% higher than the previous corresponding period.
Key activities during the period
- Award of pre-FEED contracts in early April for the Gladstone LNG (GLNGTM) project.
- Signing of the PNG LNG Joint Operating Agreement.
- Good progress on the Company’s pipeline of development projects, including Fairview expansion, Henry (Otway Basin) and Oyong Phase 2 (Indonesia).
- Reindeer gas project (Carnarvon Basin) progressed to sanction in early April, with first gas expected by the end of 2010.