HOUSTON, TEXAS (Pietro D. Pitts, Energy Analytics Institute, 22.Jan.2025) — Woodside Energy reported record full-year production of 194 million barrels of oil equivalent or MMboe (530 Mboe/d) in 2024, at the top end of the Australian company’s production guidance range. This is up 3.6% compared to 187 MMboe (513 Mboe/d) in 2023.
The production results in 2024 were driven by outstanding production from Sangomar offshore Senegal, which contributed production of 75 Mboe/d in the fourth-quarter 2024 (4Q:24).
Looking forward to 2025, Woodside expects its production to come in between 186–196 MMboe (510–537 Mboe/d), excluding volumes from Beaumont New Ammonia, the company said 22 Jan. 2025 in its year-end financial press release.
Woodside CEO Meg O’Neill said her company is delivering on its growth strategy while taking steps to sharpen its focus on high-value core assets.
“Our high-quality assets continued to deliver outstanding performance in the quarter, underpinned by Sangomar producing 75 thousand barrels of oil equivalent per day at 95% reliability, driving record annual production of 194 million barrels of oil equivalent. We also saw a strong contribution from Mad Dog in the Gulf of Mexico, with a full year of Argos production at peak rates,” O’Neill said.
Senegal: Sangomar
In Senegal, Woodside successfully completed commissioning for its floating, production, storage and offloading (FPSO) unit and start-up activities including the gas and water injection systems while also achieving 94% reliability for the 4Q:24.
Woodside exported a total of 17 cargoes from the start up of Sangomar to the end of Dec. 2024.
Woodside continued to expand the market for Sangomar crude with the grade being supplied into the US for the first time in the 4Q:24, the company said.
RELATED: Woodside Achieves First Oil at Sangomar Offshore Senegal
Australia: Scarborough Energy Project
O’Neill said her company also made important progress with its growth projects, including the arrival of the final Pluto Train 2 modules for the Scarborough Energy Project, which remains on track for first LNG in 2026.
The Scarborough and Pluto Train 2 project was 78% complete at the end of the 4Q:24, not including Pluto Train 1 modifications.
Fabrication of the floating production unit (FPU) hull and topsides is proceeding ahead of FPU integration activities planned in 2025. Woodside also said workers had completed installation and pre-commissioning activities of the 433km trunkline, while the final of the 51 Pluto Train 2 modules were delivered and installed in place at the Pluto LNG site.
RELATED: Final Pluto Train 2 Modules Make it to Pluto LNG Facility [Video]
Mexico: Trion
O’Neill said the Trion project offshore Mexico continues to move forward. The project was 20% complete at the end of the 4Q:24.
“The Trion project has also transitioned into the construction phase, with the first steel cut for the floating production unit, and we remain on track for 2028 first oil,” O’Neill said.
Woodside has also awarded contracts for drilling and completion services, gas gathering line installation and the build and lease of the floating storage and offloading vessel (FSO).
RELATED: Woodside Makes $7.2bn FID for Trion Offshore Mexico [PDF Download]
Trinidad: Calypso
In Trinidad and Tobago, Woodside continued progress pre-FEED engineering studies and subsurface studies to mature the technical definition of the development concept for Calypso.
Woodside also advanced fiscal negotiations with the government of the twin-island Caribbean country, while commercial discussions continued with key stakeholders to evaluate options to monetize the resource.
US: Louisiana LNG
In 2024, Woodside completed the acquisition of Tellurian Inc. and its US Gulf Coast Driftwood LNG development which was renamed Louisiana LNG.
“We continued to move at pace on our recently acquired Louisiana LNG development, signing an engineering, procurement and construction (EPC) contract with Bechtel to support final investment decision readiness from the first quarter of 2025,” O’Neill said.
Woodside has signed a lump sum turnkey EPC contract with Bechtel for the 3 train, 16.5 million tonnes per annum (mtpa) foundation development.
Site works — focused on piling, dry excavation and marine offloading facilities — continue under a limited notice to proceed with Bechtel.
Woodside, which currently owns an 100% interest in Louisiana LNG, continues with efforts to sell-down interest to strategic partners. The company progressed sell-down opportunities in 2024 and has attracted some strong interest from potential project partners, the company said.
“We also progressed the sell-down process, which has attracted strong interest from high-quality potential partners. It is encouraging to see the growing level of support for LNG opportunities in the US from capital markets, including the recognition of the potential additional value unlocked by strong marketing capabilities. Woodside’s business model is uniquely placed to deliver compelling long-term value in the US LNG market,” O’Neill said.
RELATED: Woodside Energy in Talks with Potential Partners for Driftwood LNG, CEO Says
Beaumont New Ammonia
In Texas, construction of Train 1 continues with OCI managing the project under the construction management agreement. The project handover is subject to cost, schedule, and performance guarantees from OCI.
Woodside continues to work closely with OCI in preparation for operations readiness. Phase 1 of the project is still on track for completion in the second-half 2025.
Woodside changed the name of The Beaumont Clean Ammonia project to Beaumont New Ammonia. The name change reflects the change of ownership and the production of a new, lower-carbon ammonia product following ExxonMobil‘s carbon capture and storage (CCS) facility becoming operational.
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By Pietro D. Pitts reporting from Houston. © 2025 Energy Analytics Institute (EAI). All Rights Reserved.
