High reliability at Sangomar and disciplined project delivery drive momentum
Woodside (ASX: WDS) has started the year with a steady hand, posting a robust first-quarter report for the period ended 31 March 2025. While quarterly production edged down slightly to 49.1 million barrels of oil equivalent (MMboe)—a 4% dip from Q4 2024—the result still reflected a 9% increase year-on-year, thanks largely to Sangomar’s outstanding performance.
The Sangomar oil field in Senegal continued to impress, contributing 78,000 barrels per day (Woodside share) at nearly 98% reliability, firmly establishing itself as a key revenue driver following its startup in mid-2024. Overall, Woodside reported $3.3 billion in quarterly revenue, down 5% from the previous quarter due to weather issues and unplanned outages at Pluto and the North West Shelf. However, revenue still rose 13% year-on-year, helped by Sangomar and higher gas hub-linked prices.
On the projects front, it’s full steam ahead. The Beaumont New Ammonia Project is now 90% complete and gearing up for startup in the second half of 2025. Meanwhile, the Scarborough LNG Project is 82% done and on track for first LNG in H2 2026, and the Trion oil development in Mexico has reached 26% completion, targeting first oil in 2028.
Woodside is also actively shaping its future portfolio. During the quarter, the company agreed to divest its Greater Angostura assets in Trinidad and Tobago for $206 million. Post-quarter, Woodside further trimmed its exposure by selling a 40% stake in Louisiana LNG Infrastructure LLC to Stonepeak, unlocking capital and boosting future returns. This move is a step closer to final investment decision on the massive Louisiana LNG project, which is shaping up to be a cornerstone of Woodside’s global LNG ambitions.
Adding further validation, Woodside signed a supply deal with Uniper for up to 2 million tonnes per annum of LNG—a long-term contract that underscores ongoing demand, particularly from Europe. That’s on top of a 15-year LNG contract with China Resources, signed earlier in the quarter, making it the fourth new long-term agreement in just over a year.
Woodside CEO Meg O’Neill also made it clear that the company’s focus remains sharp: deliver projects, maintain top-tier operations, and drive value through strategic asset management. That includes walking away from lower-priority plays like Namibia’s PEL 87, H2TAS, and H2OK.
