Woodside Energy Group Ltd said Monday its proven and probable (2P) reserves grew last year, with three billion barrels of oil equivalent (Bboe) remaining at yearend.
The Australian liquefied natural gas-focused producer had remaining proven reserves (1P) of 1.88 Bboe and 2C contingent resources of 5.8 Bboe at the end of 2025, it said in a stock filing.
“Excluding divestments and production, proved reserves increased by 134.1 MMboe [million boe], and proved plus probable reserves increased by 141.0 MMboe, reflecting another year of strong performance from the portfolio”, Woodside said.
It produced 211.4 MMboe in 2025, consisting of 197.7 MMboe for sale and 13.7 MMboe consumed as fuel in operations, according to the regulatory disclosure.
Woodside’s sale of producing oil and gas assets in Greater Angostura in Trinidad and Tobago to Perenco resulted in decreases of 16.3 MMboe in 1P developed reserves, 22.3 MMboe in 2P developed reserves and 19.6 MMboe in 2C resources.
Meanwhile, “[r]eservoir performance and technical updates across assets in Australia, Senegal and the United States resulted in proved reserves increases of 104.0 MMboe and proved plus probable reserves increases of 86.0 MMboe”, Woodside said.
“Prominent drivers included technical updates at Pluto [in Australia] following production performance that exceeded expectations, and continued strong performance at Sangomar [in Senegal] including booking of reserves associated with water injection for the S400 reservoirs”, it added. “These updates reflect ongoing reservoir surveillance and strong operational performance across Woodside’s core producing assets.
“Sanctioning of projects resulted in proved reserves increase of 30.1 MMboe and proved plus probable increase of 55.0 MMboe. This included final investment decisions on Greater Western Flank 4 (North West Shelf), Turrum Phase 3 (Bass Strait) and Atlantis major facilities expansion and demonstrated Woodside’s commitment to advancing high-value developments that support long-term production.
“Woodside has a proved reserves life of 8.9 years and a proved plus probable reserves life of 14.2 years at 2025 production levels”.
1P undeveloped reserves at yearend 2025 totaled 1.24 Bboe. Western Australia’s Scarborough gas field accounted for 964 MMboe, representing 5.49 trillion cubic feet of gas.
The Scarborough Energy Project is on track to start exporting LNG by the end of 2026, Woodside affirmed January 28 in its Q4 2025 report. The project includes the development of the Scarborough field off the coast of Karratha, the construction of a second gas processing train for Pluto LNG with a capacity of five million metric tons per annum (MMtpa) and modifications to Pluto Train 1, according to Woodside.
The U.S. contributed 34.4 MMboe to Woodside’s 1P undeveloped reserves at yearend 2025, including 31.4 million barrels of oil and condensate through the Atlantis, Mad Dog and Shenzi fields.
“The additions to proved and probable reserves reflect disciplined investment decisions and technical excellence across our global operations”, said acting chief executive Liz Westcott.
“These results combined with our final investment decision on Louisiana LNG underpin our ability to deliver sustained cash flow and long-term value for shareholders while progressing projects that meet growing energy demand”.
On April 30, 2025 Woodside announced a final investment decision (FID) on Louisiana LNG, formerly Driftwood LNG, with a projected gross capital spend of $17.5 billion.
The Gulf Coast project holds a permit from the U.S. Department of Energy (DOE) to export a cumulative 1.42 trillion cubic feet a year of natural gas equivalent, or 27.6 MMtpa of LNG, to both countries with a free trade agreement (FTA) with the U.S. and non-FTA countries.
The FID is for phase 1, which involves three liquefaction trains with a combined capacity of 16.5 MMtpa.
This year, Woodside expects a production slowdown, putting guidance at 172-186 MMboe. The projected decline is due to downtime from preparations to start up the Scarborough Energy Project, according to the company’s Q4 report.
To contact the author, email jov.onsat@rigzone.com
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