Woodside Petroleum has reported a decrease in its headline reserves for 2025, although underlying additions partially mitigated the impact of production activities and divestments. The oil and gas producer revealed that its remaining proved (1P) reserves totalled 1,882.1 million barrels of oil equivalent as of December 31, 2025. This represents a decrease from the 1,975.7 million barrels reported a year earlier. Woodside Petroleum is an Australian oil and gas exploration and production company. The company is one of the largest independent producers of oil and gas in Australia.
Proved plus probable (2P) reserves also saw a reduction, standing at 2,999.5 million barrels of oil equivalent, compared to 3,092.2 million in the previous year. Similarly, 2C contingent resources experienced a decline, falling to 5,795.7 million barrels of oil equivalent from 5,869.7 million.
However, excluding the effects of production and asset sales, the company saw increases in its reserves. Proved reserves increased by 134.1 million barrels of oil equivalent, and 2P reserves rose by 141.0 million. These increases reflect reservoir performance updates and project sanctions that occurred throughout the year.
Based on current production rates, Woodside Petroleum has a proved reserves life of 8.9 years and a proved plus probable reserves life of 14.2 years.
