Woodside Energy Group Ltd (‘Woodside’) operates as a global energy company. Woodside’s global portfolio includes oil, gas, and new energy assets across Australia, the United States, Trinidad and Tobago, Senegal, Mexico, Timor-Leste, and Canada.
The company is also investing in new products and services, such as lower-carbon ammonia, and carbon capture and storage (CCS). In 2024, Woodside changed the H2Perth concept from hydrogen and ammonia production to liquid hydrogen only.
The company has m...
Woodside Energy Group Ltd (‘Woodside’) operates as a global energy company. Woodside’s global portfolio includes oil, gas, and new energy assets across Australia, the United States, Trinidad and Tobago, Senegal, Mexico, Timor-Leste, and Canada.
The company is also investing in new products and services, such as lower-carbon ammonia, and carbon capture and storage (CCS). In 2024, Woodside changed the H2Perth concept from hydrogen and ammonia production to liquid hydrogen only.
The company has major projects in the execution phase. The Scarborough Energy Project in Australia is targeting the first LNG cargo in 2026. In Mexico, the Trion Project is targeting first oil in 2028.
Strategy
Woodside’s strategy is to thrive through the energy transition by developing a lower-carbon, profitable, resilient, and diversified portfolio.
Australian Operations
Woodside’s share of production from its Australian operated and non-operated oil and gas projects was 139.5 MMboe (381 Mboe/day) in 2024.
Pluto LNG
Pluto LNG is a gas processing facility in the Pilbara region of Western Australia, comprising an offshore platform and one onshore LNG processing train.
Woodside’s share of Pluto production was 54.1 MMboe in 2024.
To support ongoing production from Pluto LNG, during the first quarter of 2024, Woodside took a final investment decision (FID) for the Xena 03 production well and started up the produced water handling unit at the Pluto A platform. In June 2024, construction commenced on the subsea facilities for the PLA-08 production well.
In the second quarter of 2024, Woodside increased the production of Pluto domestic gas through the Pluto-KGP Interconnector at the NWS. The allocation of domestic gas from Pluto gas processed at NWS was increased from 15% to 30% until December 2025.
Woodside is the operator and holds a 90% participating interest.
Woodside Solar
Woodside is progressing an opportunity to reduce up to a total of 150 kilotonnes per annum (ktpa) CO2-e gross Scope 1 greenhouse gas emissions at Pluto LNG by importing renewable electricity from the proposed Woodside Solar project. The project plans to generate an initial supply of approximately 50 megawatts of electricity from a large-scale solar photovoltaic farm.
Woodside Solar FID and first solar energy import timing are subject to securing access to proposed new common-user transmission infrastructure. The development of this infrastructure is being led by the Western Australian Government, with Woodside continuing to finalize associated commercial agreements.
North West Shelf Project
The NWS Project consists of three offshore platforms and the onshore Karratha Gas Plant (KGP). KGP includes five onshore LNG processing trains and two domestic gas trains.
Woodside’s share of NWS Project production was 38.1 MMboe in 2024, due to gradual reservoir decline. World-class reliability continued at KGP, achieving an annual reliability rate of 98.3%.
In 2024, 11.8 MMboe of Pluto gas was processed at KGP through the Pluto-KGP Interconnector.
The NWS Joint Venture participants took FID on the Lambert West Project. This project is targeted for startup in the second half of 2025. Additionally, FID was taken on the Low-Low Pressure Operation Project at Goodwyn Alpha, aimed at increasing and accelerating NWS production from the Goodwyn area reservoirs. The NWS Joint Venture participants also progressed an NWS infill program, which includes a proposed subsea tieback of five wells into existing offshore NWS facilities, to be produced via the KGP. This project is targeting FID in 2025.
State environmental approval for the NWS Project Extension was received in December 2024; the Federal environmental approval process is ongoing. These approvals would support long-term operations and processing of future third-party gas resources at KGP through to 2070.
As of December 2024, the NWS Project is entering a period of production decline. With increased ullage due to natural field decline and limited third-party gas-processing demand, LNG train 2 was taken offline as preparations for permanent retirement commenced in the last quarter of 2024.
Planned maintenance activities at the Goodwyn Alpha facility, North Rankin Complex, and an onshore LNG train at KGP were successfully completed in 2024.
Woodside is the operator and holds a 33.33% participating interest. Following completion of the asset swap agreement with Chevron announced in 2024.
Wheatstone and Julimar-Brunello
Wheatstone is an LNG-processing facility near Onslow, Western Australia, comprising an offshore production platform and two onshore LNG-processing trains. It processes gas from several offshore gas fields, including Julimar and Brunello.
Woodside’s share of production from Wheatstone was 12.6 MMboe in 2024, due to unplanned outages affecting the Julimar subsea production system and Wheatstone facility, respectively.
Wheatstone’s domestic gas plant nameplate capacity was successfully increased for the second consecutive year, with the upgraded nameplate of 230 terajoules (TJ) per day representing a 12% increase from the original design.
Woodside is the operator and holds a 65% participating interest in the Julimar-Brunello fields. Woodside holds a 13% non-operated interest in the Wheatstone project. Following completion of the asset swap agreement with Chevron announced in 2024.
Bass Strait
Bass Strait is located in the southeast of Australia and produces oil and gas through a network of offshore platforms, pipelines, and onshore processing facilities located in Victoria. The Bass Strait assets include the Gippsland Basin Joint Venture (GBJV) and the Kipper Unit Joint Venture.
Woodside’s share of production from the Bass Strait was 18.8 MMboe in 2024, driven by natural field decline, lower Australian east coast short-term gas market demand, offshore maintenance, and reduced production capacity. All of Woodside’s share of gas produced by the GBJV is supplied into the eastern Australian domestic gas market.
Through the execution of the Gippsland Asset Streamlining project, the asset has optimized facilities and transitioned to a gas-focused business. In 2024, the Halibut, West Kingfish, and Cobia oil platforms ceased production, marking the end of 55 years of crude oil production from the Bass Strait. At Longford, the crude stabilization plant and gas plant 1 were permanently shut in, streamlining the asset for ongoing gas and condensate production.
The Kipper Compression Project, which added compression facilities to the West Tuna Platform, successfully commenced operation in the third quarter of 2024, delivering a production rate increase and enabling continued supply of gas from the Kipper field to the domestic market.
The Hastings Generation Project at Long Island Point successfully started up in September, using ethane to generate electricity to supply power to the grid.
Woodside holds a 50% non-operating interest in the GBJV and a 32.5% non-operating interest in the Kipper Unit Joint Venture.
Other Australian Oil and Gas Assets
Woodside operates three FPSO facilities off the North West coast of Western Australia. These are the Ngujima-Yin FPSO (Woodside interest: 60%), Okha FPSO (Woodside interest: 50%), and Pyrenees FPSO (Woodside interest: 40% in WA-43-L and 71.4% in WA-42-L).
Woodside’s share of production from the FPSO assets was 7.9 MMboe in 2024, a decrease primarily due to maintenance activities at the Pyrenees FPSO. The Pyrenees FPSO safely completed its planned five-yearly maintenance turnaround in Singapore in May 2024.
Macedon (Woodside interest: 71.4%), also operated by Woodside, is a gas project located near Onslow, Western Australia, which produces pipeline gas for the Western Australian domestic gas market.
Woodside’s share of production from Macedon in 2024 was 8.0 MMboe. In October, the facility successfully installed a new front-end compressor, enabling an initial 15% uplift in production.
Asset Swap
In December 2024, Woodside simplified its Australian portfolio and consolidated its focus on operated LNG assets by entering into an agreement with Chevron.
The asset swap provides Woodside with the opportunity to realign its Australian infrastructure interests to provide greater commercial certainty and enhance development prospects.
The transaction is subject to the completion of the Julimar Phase 3 Project execution and handover, and the completion of certain ongoing abandonment activities. The Julimar Phase 3 Project is a four-well tie-back to the existing Julimar field production system and is in the execution phase. The effective date of the transaction is January 1, 2024.
Completion of the transaction is also subject to customary conditions precedent, including Australian Competition and Consumer Commission and Foreign Investment Review Board clearances, and other applicable State and Federal regulatory approvals, relevant third-party consents, and pre-emption rights of the continuing joint venture participants.
International Operations
Woodside’s international portfolio consists of established high-quality operated and non-operated oil and gas assets in Senegal, the US Gulf of Mexico, and Trinidad and Tobago. Woodside’s share of production from international operations was 54.4 MMboe (149 Mboe/day) in 2024.
Sangomar
The Sangomar oil and gas field is located offshore Senegal, approximately 100 km south of Dakar. Woodside achieved first oil production in June 2024, marking the safe delivery of the country’s first offshore oil project.
The Sangomar Field Development Phase 1 is a deepwater project including a stand-alone FPSO facility with a nameplate capacity of 100,000 bbl per day, and subsea infrastructure that is designed to allow subsequent development phases.
Woodside’s share of production from Sangomar was 13.3 MMboe in 2024.
Early production performance has been outstanding, with nameplate production capacity achieved in July 2024 and maintained. Sangomar crude received strong interest from buyers in Europe, Asia, and the United States, with 17 cargoes exported by the end of December 2024.
The Sangomar drilling campaign was concluded during the year, marking the successful drilling and completion of 24 development wells. The FPSO hook-up, commissioning, and startup activities were completed with reliability of 90% since startup.
Woodside is the operator and holds an 82% participating interest in the Sangomar exploitation area.
Mad Dog
Mad Dog is a conventional oil and gas development located in the US Gulf of Mexico.
The Mad Dog Phase 1 development includes a spar facility (A-Spar) with drilling capability and dry-tree producer wells. A planned intervention campaign at A-Spar was completed in July 2024, achieving increased production rates.
Mad Dog Phase 2 is a development of the southern flank of the Mad Dog field through the Argos floating production facility. First oil production ramped up throughout 2024, with the facility achieving peak production of 130,000 bbl per day. The development includes subsea producer wells and subsea water injector wells.
Execution of the Mad Dog Southwest Extension Project is ongoing. First production is planned for 2026.
Woodside’s share of production from Mad Dog was 11.3 MMboe in 2024. The increase was driven primarily by production ramp-up at Argos.
Woodside holds a 23.9% non-operating participating interest.
Atlantis
Atlantis is a conventional oil and gas development in the US Gulf of Mexico. The Atlantis development includes a semi-submersible facility with subsea production wells and subsea water injector wells.
Woodside’s share of production from Atlantis was 10.5 MMboe in 2024. The decrease was driven primarily by a planned facility and midstream turnaround and multiple downtime events associated with weather events.
One production well was completed in 2024. This was the first horizontal well in the Atlantis field.
Woodside took FID on the Atlantis Drill Center 1 Expansion in February 2024. It is a two-well tie-back to the Atlantis facility through the existing Drill Center 1 manifold in the southwest portion of the field.
Woodside holds a 44% non-operating participating interest.
Shenzi
Shenzi is a conventional oil and gas field developed through a tension leg platform located in the US Gulf of Mexico. The facility has subsea production and water injection wells. In addition, two subsea wells are tied back to the non-operated Marco Polo platform.
Woodside’s share of production from Shenzi was 9.4 MMboe in 2024. This was due to natural depletion and multiple downtime events associated with weather events.
Woodside is the operator and holds a 72% participating interest.
Greater Angostura
Greater Angostura includes the Angostura and Ruby conventional oil and gas fields, located offshore Trinidad and Tobago. The development includes an offshore central processing facility, five wellhead platforms, and an onshore oil terminal.
Woodside and the Trinidad and Tobago Ministry of Energy and Energy Industries reached an agreement in the fourth quarter of 2024 to modify key fiscal terms in their production sharing contract in support of economic life extension. The revised terms take effect from 2025.
Woodside’s share of production from Greater Angostura was 9.5 MMboe in 2024, a decrease primarily due to a planned facility maintenance turnaround completed in June 2024.
Woodside is the operator and holds a 45% participating interest in the Angostura field and a 68.5% participating interest in the Ruby field.
Marketing and Trading
Woodside’s marketing business generated profit before tax in 2024. Woodside has a global portfolio with positions in both the Pacific and Atlantic basins. The company has a strong track record of reliable supply to major energy customers through its integrated shipping, operations, marketing, and trading activities across LNG, pipeline gas, condensate, crude, and natural gas liquid (NGL) cargoes.
The marketing segment’s strong profit reflects the optimization activities and incremental value generated through the marketing, trading, and shipping of Woodside’s oil and gas, and through third-party purchased values.
Woodside’s LNG portfolio is managed through a mix of short, mid, and long-term contracts, supplied with cargoes sourced from producing assets or purchased from third parties. In 2024, Woodside’s exposure of produced LNG to gas hub indices was 34.4%. This represents 15% of Woodside’s total equity production.
Woodside remains one of the largest suppliers of Australian LNG to major regional trading partners. In 2024, Woodside signed sale and purchase agreements with KOGAS, CPC, and JERA for the long-term supply of LNG to Korea, Taiwan, and Japan, respectively. These LNG buyers are some of the largest in the world, demonstrating ongoing robust demand for Woodside’s products and the ability of LNG to meet energy security needs while supporting regional decarbonization goals.
The KOGAS agreement is for the supply of approximately 0.5 million tonnes per annum (Mtpa) of LNG from 2026, for a period of 10.5 years on a delivered basis.
The CPC agreement is for the supply of approximately 6 million tonnes of LNG on a delivered basis over ten years, from July 2024.
The JERA agreement is for the supply of approximately 0.4 Mtpa (six cargoes) of LNG over ten years on a delivered basis, commencing in April 2026.
Woodside’s LNG trading activities seek to maximize the value of its LNG portfolio. Third-party cargoes are purchased from Corpus Christi LNG through a long-term offtake agreement and from the spot market through its relationships with other producers and traders.
The marketing of crude, condensate, and NGLs is predominantly based on short-term sales and supplemented by term arrangements.
The majority of Woodside’s crude oil and condensate in Australia, Senegal, and Trinidad and Tobago is currently sold to international markets. In the US Gulf of Mexico, crude oil is sold to refiners and traders on the US Gulf Coast. Woodside has also maintained its operational flexibility in the US Gulf of Mexico through access to infrastructure that enables the export of crude oil to international markets.
Woodside produces natural gas for domestic markets in Western Australia, the east coast of Australia, the United States, and Trinidad and Tobago.
In 2024, Woodside’s Western Australian assets produced 86 petajoules (PJ) of natural gas, representing approximately 21% of Western Australia’s domestic gas supply. Woodside executed 73.5 PJ of termed WA gas sales for delivery across 2025 and 2026.
A record quantity of trucked LNG (approximately 1,900 TJ) was also delivered in 2024 to customers in northern Western Australia. Since the commencement of operations at the Pluto LNG Truck Loading Facility, Woodside has delivered more than 3,200 trailers of LNG (approximately 3,250 TJ), offering a lower-carbon alternative to diesel and fuel oil for industry users in remote locations.
In the east coast of Australia, Woodside’s share of Bass Strait production was 84.9 PJ, representing approximately 17% of all gas supplied to the east coast market. All of Woodside’s production from Bass Strait is sold into the east coast domestic market. Woodside was granted an exemption under the applicable domestic Gas Market Code legislation in January 2024. The exemption provides Woodside with the opportunity to increase delivery to the east coast domestic market by more than 260 PJ (100% share) through to 2033 if needed.
In the US Gulf of Mexico, natural gas is sold to end-users and merchants at the tailgate of the Neptune gas processing plant, which is owned and operated by a third-party midstream company.
Woodside’s marketing and trading portfolio is supported by its managed shipping capacity, which includes seven LNG vessels under long-term charter and multiple vessels on short-term charter. A new 174,000 m long-term charter LNG vessel, the Woodside Scarlet Ibis, was delivered in June 2024.
Projects
Woodside is leveraging proven project execution capabilities to deliver quality growth projects in LNG, oil, and lower-carbon solutions, with a focus on safety, quality, cost, and schedule.
Scarborough Energy Project
The Scarborough gas field is located in the Carnarvon Basin, approximately 375 km off the coast of Western Australia. The field is being developed through new offshore facilities connected by an approximately 433 km pipeline to a second LNG train at the existing Pluto LNG onshore facility. The development of the Scarborough field includes the installation of a floating production unit (FPU) with eight wells.
The expansion of Pluto LNG includes the construction of a second LNG train (Pluto Train 2), installation of additional domestic gas processing facilities, supporting infrastructure, and modifications to the existing Pluto Train 1 to allow it to process Scarborough gas.
The Scarborough reservoir contains less than 0.1% CO2, combined with processing design efficiencies at the offshore FPU and onshore Pluto Train 2.
At the end of 2024, the Scarborough Energy Project was 78% complete, excluding Pluto Train 1 modifications, and remains on track for first LNG cargo in 2026.
Fabrication of the FPU continued to progress through 2024. The topsides structure was completed, and the flare boom, monoethylene glycol module, and living quarters module were installed on the topsides. Commissioning of services and utilities is in progress. Hull fabrication and installation scope are proceeding ahead of FPU integration activities planned in 2025.
The installation of the trunkline was successfully completed in October 2024. Approximately 36,000 lengths of pipe were fabricated and welded together for the 433 km trunkline, which has been dried and inerted.
The installation and testing of the three subsea flowlines were completed, and the next phase of the subsea installation campaign is underway. All 20 suction piles were installed, and subsequent to the period, all FPU mooring chains were successfully pre-installed. The drilling campaign continued with two of the eight wells reaching completion.
The first Pluto Train 2 module was delivered from the Batam module yard in Indonesia to the Pluto site in February 2024, and the fifty-first and final module arrived in December 2024. All modules have been set in position, and site activity is now focused on the safe execution of the remaining construction scope.
All engineering reviews for Pluto Train 1 modifications were completed. Mobilization of personnel to both the module yard in Thailand and Pluto site commenced. Module construction is in progress, and site preparation works for the modifications to Pluto Train 1 continue.
The Integrated Remote Operations Centre building works were completed, with the fit-out progressing throughout 2024.
In March 2024, Woodside completed the sale of a 10% non-operating participating interest in the Scarborough Joint Venture (SJV) to LNG Japan. In October 2024, Woodside completed the sale of a 15.1% non-operating participating interest in the SJV to JERA. These transactions reflect the long-term value that LNG customers in Japan are placing on energy security.
Woodside is the operator and holds a 74.9% participating interest in Scarborough, a 51% participating interest in Pluto Train 2, and a 90% participating interest in Pluto Train 1.
Trion
Trion is an oil development located in the Mexican Gulf, approximately 180 km off the Mexican coastline and 30 km south of the United States/Mexico maritime border. The development includes a 24 subsea well development, a semi-submersible FPU capable of producing and transferring 100,000 bbl per day, and a floating storage and offloading (FSO) facility.
At the end of 2024, overall progress of the project was 20%. The project is progressing in accordance with the execution plan, with all major scope contracts awarded, and fabrication of equipment and floating facilities commenced. Woodside is targeting first oil in 2028.
The FPU engineering, procurement, and construction scope has been progressively converted to a lump sum contract, underpinned by substantive technical maturity of the design and procurement of equipment and bulks. Key personnel have mobilized in Korea and conducted pre-construction activities. Engineering continues to progress with deliverables supporting construction, quality, and technical safety activities. First steel cut for the FPU was achieved in November 2024, representing a significant milestone for the execution of the project.
Manufacturing has advanced across multiple subsea scopes, including line-pipe, trees, valves, connectors, umbilicals, subsea distribution equipment, and flexible pipe. System and installation engineering has matured the field layout and optimized well locations.
The FSO front-end engineering and design (FEED) concluded and has transitioned to the build-lease phase with the award of the bareboat charter. This has enabled key fabrication slots to be secured.
Woodside has commenced reprocessing of the ocean-bottom node seismic to further reduce fault uncertainty and de-risk the future drilling campaign. The subsurface and drilling teams have optimized trajectories for the first production wells, and Woodside is targeting commencement of the drilling campaign in 2026.
Local content initiatives have begun in Mexico, including supplier development programs, in-country fabrication of subsea structures, and in-country flow assurance testing. In 2024, Trion was highlighted as a priority project within Mexico’s national energy plan, reinforcing the importance to the country’s energy future.
Woodside is the operator and holds a 60% participating interest.
Beaumont New Ammonia
Construction of Train 1 of the Beaumont New Ammonia Project, which has a design capacity of 1.1 Mtpa, is underway. At the end of 2024, the project was approximately 83% complete.
First ammonia production is targeted for the second half of 2025, with lower-carbon ammonia production targeted for the second half of 2026. All critical agreements for feedstock, utilities, and terminal services are in place. The second production train, which has the potential for an additional 1.1 Mtpa in production capacity, is being evaluated.
The project was renamed to Beaumont New Ammonia to reflect the change of ownership and the production of a new, lower-carbon ammonia product following the associated carbon capture and storage (CCS) facility becoming operational.
In early October 2024, the tragic death of an employee of one of OCI’s construction contractors occurred at the project site. OCI’s investigation into the incident is ongoing at this time.
Developments and Exploration
Woodside is building a diverse global portfolio of development opportunities to underpin long-term profitability. Leveraging its strong technical and commercial expertise, the company takes a disciplined and targeted approach focused on long-term value creation.
Louisiana LNG
In July 2024, Woodside entered into a definitive agreement to acquire all issued and outstanding common stock of Tellurian Inc., including its owned and operated US Gulf Coast Driftwood LNG development opportunity. The transaction closed on October 8, 2024, and the Driftwood LNG opportunity was renamed Louisiana LNG.
Louisiana LNG is a fully permitted, pre-FID development opportunity located near Lake Charles, Louisiana. The development plan comprises four phases of development with five LNG plants, with a total permitted capacity of 27.6 Mtpa, and supporting infrastructure. The foundation development includes Phase 1 (11 Mtpa, two plants) and Phase 2 (5.5 Mtpa, one plant).
Louisiana LNG expands Woodside’s position as an independent LNG company, enabling it to better serve global customers and capture further marketing optimization opportunities across both the Atlantic and Pacific Basins. Well-matched to Woodside’s proven capabilities in project execution, operations, and marketing, it provides a pathway to significant long-term cash flow. The development continues to progress readiness for FID, targeted from the first quarter of 2025. Woodside is inviting partners for the Louisiana LNG investment, and strong interest has been received from high-quality potential partners.
In support of FID readiness, Woodside has signed a revised lump sum turnkey engineering, procurement, and construction contract with Bechtel for the development of the three-plant 16.5 Mtpa foundation development of Louisiana LNG.
Bechtel has maintained a continuous presence on site prior to the acquisition and is now under a Woodside limited notice to proceed (LNTP) executed under the revised contract. The LNTP progresses continued site construction and commitment to certain key materials and services required for the foundation project.
Woodside is the operator and holds a 100% participating interest, subject to future selldown.
Browse
The Browse to NWS Project involves the proposed development of the Calliance, Brecknock, and Torosa gas and condensate fields in the offshore Browse Basin, located approximately 425 km north of Broome, Western Australia. The proposed concept includes two FPSO facilities and an approximately 900 km pipeline to existing infrastructure at the NWS Project’s KGP.
The Browse to NWS Project aligns with key policy statements of both the Western Australian and Federal Governments, which recognize the pivotal role of natural gas in Australia to 2050 and beyond. This could support domestic gas security for Western Australia at a time when there are forecast supply shortfalls. In December 2024, Woodside entered into an asset swap with Chevron for its interest in the NWS Project.
Key work activities continued during 2024 in support of progress towards FEED entry, including optimizing the development concept to improve cost and schedule certainty, engagement with regulators on environmental and regulatory approvals, and progressing commercial agreements.
The development concept includes a CCS component, the Browse CCS Project, which is designed to sequester the majority of Browse reservoir CO2. In June 2024, a declaration of an identified greenhouse gas storage formation was made by the Australian Commonwealth Government over the Calliance storage formation within the G-8-AP greenhouse gas assessment permit. Woodside subsequently referred the Browse CCS Project to the environmental regulator for assessment.
Woodside is the operator and holds a 30.6% participating interest.
Calypso
Calypso is a proposed deepwater gas development in Trinidad and Tobago, located approximately 220 km off the coast of Trinidad in 2,100 m water depth. It involves the development of several gas discoveries in Block 23(a) and Block TTDAA 14. The development is located in a region with existing offshore and onshore infrastructure and a favorable demand outlook.
In 2024, progress was made to mature the technical definition of the development concept. Fiscal negotiations advanced with the Government of Trinidad and Tobago, and commercial discussions continued with key stakeholders to evaluate options to monetize the resource.
Woodside is the operator and holds a 70% participating interest.
Greater Sunrise
The Sunrise development comprises the Sunrise and Troubadour gas and condensate fields, which are located approximately 450 km northwest of Darwin, Australia, and 150 km south of Timor-Leste.
In 2024, the Sunrise Joint Venture participants made progress with the Australian and Timor-Leste Governments on negotiating a new Production Sharing Contract, Petroleum Mining Code, and fiscal regime.
The Sunrise Joint Venture also completed a Concept Study Report, which incorporates previous work related to Sunrise by utilizing the latest technologies (where relevant) and cost estimates, while considering the socio-economic, capacity building, safety, environmental, strategic, and security benefits across potential development pathways. The Sunrise Joint Venture participants are reviewing the outcomes of the Concept Study Report and discussing next steps.
Woodside is the operator and holds a 33.44% participating interest.
Liard
Liard is an unconventional gas field located in British Columbia, Canada. Woodside is working with the operator to develop a comprehensive strategy for full field development. Woodside is also working with its partners in Rockies LNG to potentially export LNG via the proposed Ksi Lisims project on the west coast of Canada.
Woodside holds a 50% non-operating participating interest.
Exploration
Woodside’s exploration strategy is focused on accessing and testing potential value-accretive growth options with the potential to be developed at pace. The strategy balances a focus on exploring near current producing hubs with opportunities in new regions.
In Australia, Woodside was awarded exploration permit WA-554-P. In the United States, Woodside was awarded 18 leases in Lease Sale 261 and participated in the drilling of the Corvus well (non-operated), which did not encounter commercial quantities of hydrocarbons. Woodside acquired new interests in the Nile Delta offshore Egypt and completed the Khendjer well (non-operated), which did not encounter hydrocarbons. In the Republic of the Congo, Woodside completed the unsuccessful Niamou well (non-operated).
Woodside continued to optimize its exploration portfolio, exiting blocks no longer considered prospective. This included exiting the exploration acreage associated with Rufisque Offshore, Sangomar Offshore, and Sangomar Deep Offshore in Senegal, and initiating exit activities in Barbados, and Red Sea Block 3 and Block 4 in Egypt.
New Energy Opportunities
Complementing its investment in Beaumont New Ammonia and its potential to deliver future growth and value, Woodside is investing in new energy products and lower-carbon services to enable its base business and help its new and existing customers decarbonize. The company takes a disciplined approach to new investments that seeks to match the pace, scale, and needs of its customers as they determine their own decarbonization pathways.
The United States
Beaumont New Ammonia
In September 2024, Woodside completed the acquisition of OCI’s Clean Ammonia Project in Beaumont, Texas.
Beaumont New Ammonia is Woodside’s biggest investment in new energy and positions Woodside to be an early mover in the lower-carbon ammonia industry and meet growing global demand. First ammonia production is targeted for the second half of 2025, with lower-carbon ammonia production targeted for the second half of 2026.
H2OK
H2OK is a proposed liquid hydrogen project to be located in Ardmore, Oklahoma.
Woodside continues to take a disciplined approach to H2OK and has made a strategic decision to delay FID, prioritizing Beaumont New Ammonia.
Woodside is reviewing the final 45V Clean Hydrogen Production Tax Credit regulations released by the US Department of Treasury.
Woodside is the operator and holds a 100% participating interest.
Australia
H2Perth
H2Perth is a proposed liquid hydrogen production facility to be located in Perth, Western Australia. In 2024, Woodside changed the H2Perth concept from hydrogen and ammonia production to liquid hydrogen only, following feedback from potential customers.
Woodside signed a conditional offtake term sheet in 2024 with Keppel for the supply and purchase of liquid hydrogen, aimed at powering Keppel’s data center facilities in Singapore. The sources of liquid hydrogen would include Woodside’s proposed production facilities, including H2Perth.
Woodside is the operator and holds a 100% participating interest.
Hydrogen Refueller H2Perth
The Hydrogen Refueller H2Perth is a self-contained hydrogen production, storage, and refueling station located in Perth, Western Australia. In 2024, all primary environmental approvals were secured for the project. Woodside awarded the major services contract, which includes detailed engineering, construction, commissioning, and startup work scopes to enable progression towards being ready for startup. The project has received funding from the Hydrogen Fuelled Transport Project Funding Process as part of the Western Australian Government’s Renewable Hydrogen Strategy.
Woodside is the operator and holds a 100% participating interest.
NeoSmelt
The NeoSmelt project is a proposed direct reduced iron electric smelting furnace pilot plant to be located in Perth, Western Australia.
Carbon Solutions
Woodside is evaluating lower-carbon services, including carbon capture and storage (CCS), carbon capture and utilization (CCU), and investing in carbon credits to enable its base business, help its customers decarbonize, and deliver future value to shareholders.
Carbon Capture and Storage
Woodside, as a participant in various joint ventures, is involved in five greenhouse gas assessment permits. In 2023, Woodside entered into three non-binding memoranda of understanding to enable studies of a potential CCS value chain between Japan and Australia. Throughout 2024, these studies have progressed to form an understanding of the technical, economics, timing, and regulatory requirements to enable CCS value chains across borders.
Carbon Credits Portfolio
Woodside utilizes carbon credits to offset gross equity Scope 1 and 2 GHG emissions that are above its net emissions reduction targets. As of December 31, 2024, Woodside manages a portfolio of more than 20 million carbon credits from the Australian Carbon Credit Unit (ACCU) scheme, Gold Standard, and Verra. In relation to its 2024 gross equity Scope 1 and 2 GHG emissions, 1,347,262 carbon credits have been retired.
In 2024, Woodside planted 3.2 million biodiverse seedlings in Western Australia as part of its Native Reforestation Project across 4,800 ha of land at Woodside-owned properties. This brings its biodiverse carbon plantings in Australia to 8.9 million seedlings across 13,000 ha of land.
In Paraguay, Woodside is funding the reforestation of 7,400 ha of land in the Chaco region.
In Senegal, Woodside is funding the restoration of 7,000 ha of mangroves in the Sine Saloum and Casamance regions.
Carbon to Products
Woodside is focused on collaborating with CCU technology developers and is assessing opportunities to deploy their technologies to create value-added products and also to evaluate their potential in reducing its Scope 1 or 3 emissions. In 2024, Woodside continued to screen several approaches for CCU technologies.
History
The company was founded in 1954. It was incorporated under Australian corporate law in 1971. The company was formerly known as Woodside Petroleum Ltd and changed its name to Woodside Energy Group Ltd in 2022.
