Given the growing concern about a gas deficit, Woodside Energy, an independent and leading company in Australia, has developed a plan and strategy to execute an increase in gas supply for the country.
Australia’s domestic gas supply increase
During its annual meeting on April 24 in Perth, CEO Meg O’Neill announced that the company will provide 32PJ (854 million m³) of extra gas to the Western Australian domestic market by the end of 2025, responding to criticism about the contribution of its LNG projects to the regional market.
At the same time, Woodside has launched a call to explore interest in an additional 50PJ of gas from its Bass Strait fields off Victoria by 2025 and 2026, anticipating a more demanding eastern Australian market.
Development of Woodside Energy’s oil project in Sangomar, Senegal, has progressed satisfactorily, reaching 96% construction, with 19 of the initial 23 wells completed. Now, the Scarborough project in Western Australia is 62% complete, with the installation of subsea infrastructure and drilling in the Carnarvon offshore basin already underway.
Production opportunities for Woodside
Last month, Woodside awarded a contract for the subsea installation of its Trion project in Mexico, which is expected to begin producing oil by 2028. Despite robust operating income of $14 billion in 2023, generating profits of $1.7 billion, Woodside faces significant challenges on the climate front.
During the same meeting , 58.36% of shareholders rejected his climate action plan , although the vote was not binding. This rejection follows similar opposition its 2021 climate report faced, and the company decided not to put its 2022 report to a vote.
Woodside is now striving to reduce its scope 1 and 2 emissions by 5 million tonnes annually by 2030, and plans to invest $5 billion in new energy projects.
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Source and photo: Woodside
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