The company plans to produce 120 million barrels of oil equivalent (MMboe) a year by 2025, up from a forecast of 100 MMboe previously.
More EOG Wolfcamp completions, Cabot Marcellus Shale results and a Powder River Basin wildcat top this week’s drilling activity highlights from around the world.
Success in those projects would result in its reserve base reaching 3.7 billion barrels over the next seven years and help Woodside expand production by 6% a year over the next decade, the company said.
The breakthrough follows months of talks between the two companies over what to charge for processing gas from the field through Woodside’s Pluto LNG plant.
Last year, BHP ended a massive loss-making seven-year foray into shale by selling most of its U.S. onshore shale oil and gas assets to BP for $10.5 billion.
As oil and gas fields become depleted, energy companies are looking at how they can extend the life of operating fields, unlocking low-pressure reserves from reservoirs to maintain plateau production rates.
For the three months to Sept. 30, production slipped 10% to 6.81 million barrels of oil equivalent (MMboe)—its lowest September quarter output since 2014.