Woodside Petroleum has boosted reserves estimates at the gas fields lined up to supply the Pluto and Browse LNG projects.

The operator remains cautious about committing to new developments, however.

Net contingent resources in the Greater Pluto region rose 66.8 million barrels of oil equivalent in 2011, it said.

Most of that gas is tied up in the 4.3 million tonnes per annum foundation LNG project, which is due for start-up in March.

Future expansion is less certain. Woodside’s attempts to build reserves through the drillbit have been a mixed bag, and talks with third-party gas suppliers have been slow. The company has seen recent progress on both fronts, however. The Ragnar-1 well in block WA-430-P has hit gas over a gross interval of 190 metres.

On third-party gas supplies, chief executive Peter Coleman (pictured) said Woodside is hoping to make an announcement in the middle of this year or the third quarter.

Coleman has very much pulled on the reins at the company’s Browse LNG project. Under previous chief executive Don Voelte, the project was aiming for a final investment decision in mid-2012 but Woodside and its co-venturers have applied to the state and federal governments for a one-year delay.

Woodside said the project has recently booked an increase in contingent resources from 13.3 Tcf to 15.5 Tcf of dry gas.

“Investment continues at Browse as we complete front-end engineering and design works and develop the project business case,” said Coleman.

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