Woodside revenue down 45 per cent

Woodside's North Rankin platform, offshore WA.

Woodside's North Rankin platform, offshore WA.

Third quarter sales revenue for Woodside Petroleum has dropped by nearly 45 per cent to $A1.08 billion, compared to $A1.9 billion in the 2014 calendar year third quarter.

Lower realised prices across the company’s portfolio have been blamed for the result, with sales down 1.6 per cent to 24.1 MMboe for the quarter.

Production across the company’s portfolio was at 25.3 MMboe, up 25.9 per cent from 20.1 MMboe in the previous quarter.

Meanwhile, the company has entered into the front-end engineering and design (FEED) phase for the Greater Enfield Development, offshore Western Australia.

The oil development project, targeting the Laverda and Cimatti reservoirs, was previously considered a marginal project, but has been gaining momentum lately with Aibel and OneSubsea awarded key FEED contracts.

A final investment decision for the project is expected in 2016.

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