Woodside Energy Group Ltd Profile
Woodside Energy Group Ltd (Woodside) operates as a global energy company.
The company’s global portfolio includes LNG, oil and gas assets across Australia, the Gulf of Mexico, the Caribbean, Senegal, Timor-Leste and Canada.
The company has major projects in execution phase that will deliver Woodside’s next wave of growth. In Senegal, the Sangomar Field Development Phase 1 is targeting first oil in mid-2024. The Scarborough Energy Project in Australia is targeting first LNG cargo in 2026. In Mexico, the Trion Project achieved a FID in June 2023 and is targeting first oil in 2028.
The company has carbon capture and storage (CCS) opportunities in Australia and is progressing hydrogen and ammonia projects in Australia, the United States and New Zealand.
Strategy
Woodside’s strategy is to thrive through the energy transition by building a low cost, lower carbon, profitable, resilient and diversified portfolio.
Australian operations
Woodside’s Australian portfolio consists of operated and non-operated oil and gas projects across Australia. Woodside’s share of production from Australian operations was 145.1 MMboe in 2023.
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 51.8 MMboe in 2023.
Woodside successfully completed a major turnaround on the onshore and offshore facilities in the first half of 2023, executing essential maintenance scopes to support continued safe, reliable and efficient production. The major turnaround included installation of additional tie-in points for potential carbon-to-products value streams and for the potential importation of solar energy from the proposed Woodside Solar project.
There was one Tier 1 loss of primary containment process safety event at Pluto LNG. There were no injuries as a result of this event and an investigation was undertaken which identified contributing factors and corrective actions.
The Pluto Remote Operations Centre in Perth, Western Australia became fully operational in June 2023 with day-to-day operations of Pluto LNG now being undertaken remotely by the Perth-based team.
Woodside is operator and holds a 90% participating interest.
Woodside Solar opportunity
Woodside is progressing a potential opportunity to reduce gross Scope 1 greenhouse gas emissions at Pluto LNG by utilizing solar energy from the proposed Woodside Solar project. The project plans to generate an initial supply of approximately 50 MW of electricity from a large scale solar photovoltaic farm, located approximately 15 km south-west of Karratha, Western Australia, which will be complemented by a battery energy storage system.
In 2023, Woodside secured planning approvals and State and Federal environmental approvals for the proposed solar facility and associated infrastructure.
In December 2023, Woodside entered into a conditional agreement under which a third-party will develop the proposed solar facility and supply renewable energy from the facility to Woodside. Woodside continues to progress commercial agreements, including for power transmission to support the proposed project.
North West Shelf Project
The NWS Project consists of three offshore platforms and the onshore KGP, which includes five onshore LNG processing trains.
Woodside’s share of NWS Project production was 40.8 MMboe in 2023. In 2023, 11.2 MMboe of Pluto gas was processed at KGP through the Pluto-KGP Interconnector. The Interconnector enables gas from Pluto LNG to be transported to KGP for processing.
In June 2023, a fatality occurred at the North Rankin Complex. The tragic loss of the company’s colleague, a contractor employee, has led to the implementation of additional operational controls based on preliminary investigation insights into the incident. The external investigations into the incident are ongoing.
KGP is expected to have increased ullage in 2024 due to a combination of natural field decline and limited third-party gas processing demand. To optimise utilisation of onshore infrastructure, NWS is planning to take one LNG train offline in 2024.
Discussions continue between NWS and other resource owners for the processing of third-party gas and NWS continues to progress the development of infill and nearfield opportunities to utilise ullage at KGP. The NWS Project started processing Waitsia gas in 2023 at low rates and will commence processing at a large scale when the Waitsia Stage 2 facility comes online which is expected in 2024.
State and Commonwealth regulatory approval processes continue for the North West Shelf Project Extension, which supports long-term operations and processing of future third-party gas resources at KGP.
Woodside successfully completed planned turnaround and maintenance activities on the North Rankin Complex, Goodwyn Platform and KGP in the second half of 2023.
Woodside is operator and holds a 33.33% participating interest.
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 Wheatstone production was 13.5 MMboe in 2023.
The FID on Julimar-Brunello Phase 3 was approved in April 2023. The project involves the drilling of up to four development wells tied-back from the Julimar field to the existing Julimar field production system.
Woodside is operator and holds a 65% participating interest in the Julimar-Brunello fields. Woodside holds a 13% non-operated interest in the Wheatstone project.
Bass Strait
Bass Strait is located in the south-east of Australia and produces oil and gas through a network of offshore platforms, pipelines and onshore processing facilities. The Bass Strait assets include the Gippsland Basin Joint Venture (GBJV) and the Kipper Unit Joint Venture (KUJV).
Woodside’s share of production from the Bass Strait was 22.8 MMboe in 2023, driven by lower Australian east coast gas market demand due to a number of factors including a warmer winter. All of Woodside’s share of the gas produced by the GBJV is supplied into the eastern Australian domestic gas market, supporting Australia’s energy needs.
As production rates decline, progress has been made to optimise facilities through the Gas Asset Streamlining project. This project will support the implementation of a gas focused business.
The Kipper Compression project has progressed and is expected to enable continued supply of gas to the domestic market in 2024.
Woodside holds a 50% non-operating interest in the GBJV and a 32.5% non-operating interest in the KUJV.
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 8.0 MMboe, down from 10.6 MMboe in 2022 primarily due to the planned five-yearly Ngujima-Yin FPSO maintenance turnaround.
The Ngujima-Yin FPSO turnaround performed in Singapore was completed safely in June 2023. The Pyrenees turnaround is planned for the first half of 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 2023 was 8.2 MMboe. The Macedon facility delivered approximately 17% of the Western Australian domestic gas market supply in 2023.
International Operations
Woodside’s international portfolio includes assets in the U.S. Gulf of Mexico and the Caribbean with embedded growth options. Woodside’s share of production from international operations was 42.1 MMboe in 2023.
Shenzi
Shenzi is a conventional oil and gas field developed through a tension leg platform (TLP) located in the U.S. Gulf of Mexico. There are 16 producers flowing to the TLP and six water injection wells. In addition, two subsea wells are tied back to the non- operated Marco Polo platform.
Shenzi North is a two-well subsea tieback to the Shenzi TLP. The project achieved flowback in September. Production performance has been below expectations due to reservoir connectivity.
The Shenzi facility achieved reliability above 97% in 2023. Woodside’s share of production from Shenzi was 10.8 MMboe. Woodside is operator and holds a 72% participating interest.
Atlantis
Atlantis is a conventional oil and gas development and is one of the largest producing fields in the U.S. Gulf of Mexico. The Atlantis development includes a semi-submersible facility with 28 active producer wells and three water injector wells.
Two wells (one producer and one injector) were completed in 2023 alongside an extensive well intervention campaign.
Woodside’s share of production from Atlantis was 12.6 MMboe in 2023. Woodside holds a 44% non-operating participating interest.
Mad Dog
Mad Dog is a conventional oil and gas development located in the U.S. Gulf of Mexico. The Phase 1 development includes a spar facility (A-spar) with drilling capability and ten active producer wells.
Mad Dog Phase 2 is a development of the southern flank of the Mad Dog field through the new Argos floating production facility. First oil was achieved in April 2023 and production ramped up through the year.
A successful appraisal well was drilled in 2023 to extend the field to the southwest. Subsequently, the co-owners have sanctioned a three-well subsea tie back.
Woodside’s share of production from Mad Dog was 7.2 MMboe in 2023. Woodside holds a 23.9% non-operating 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 and five wellhead platforms. Woodside is operator and holds a 45% participating interest in the Angostura field and a 68.5% participating interest in the Ruby field.
Woodside’s share of production from Greater Angostura was 11.2 MMboe in 2023. Production enhancement activities implemented in 2023 included gas injector-to-producer well conversions, reducing back-pressure on wells and adding well perforations. These enhancements have led to an increase in reserves.
Marketing and Trading
Woodside has a global portfolio with positions in the Asia-Pacific and Atlantic basins and has a proven track record in the company’s integrated shipping, operations, marketing and trading activities across LNG, condensate, crude and natural gas liquid (NGL) cargoes.
The marketing segment’s profit before tax in 2023 was $375 million. This reflected the optimisation 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 2023, Woodside’s exposure of produced LNG to gas hub indices was 30%.
Woodside’s LNG trading activities seek to maximise value of the company’s LNG portfolio. Third-party cargoes are purchased from Corpus Christi LNG through a long-term offtake agreement and from the spot market through the company’s 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.
In the Gulf of Mexico, crude oil is sold to refiners and traders on the U.S. Gulf Coast. Woodside has also increased its operational flexibility through the ability to export crude oil to international markets. In Trinidad and Tobago, crude oil is sold to international markets and natural gas is sold into the domestic market.
Natural gas is sold domestically in both Western Australia and the east coast of Australia. In Western Australia, Woodside’s domestic gas obligations are met from multiple producing assets. All of Woodside’s production from Bass Strait is sold into the east coast domestic market.
In 2023, Woodside’s Western Australian assets produced 76 petajoules (PJ) of gas, representing approximately 19% of Western Australia’s domestic gas supply. Woodside’s share of Bass Strait production was 97 PJ and that represented approximately 19% of all gas supplied to the east coast market.
Woodside’s marketing and trading portfolio is supported by the company’s shipping capacity which includes six vessels under long-term contract and multiple vessels on short-term charter. Woodside has chartered an additional five new build LNG ships to support the delivery of Scarborough LNG cargoes and growth in trading activities. The new-build vessels are expected to be delivered between 2024 and 2026.
In April 2023, a long-term gas sale and purchase agreement (GSPA) with Perdaman Chemicals and Fertiliser Pty Ltd became unconditional. Supply under the GSPA is for approximately 130 TJ per day of gas over a term of 20 years expected to commence in 2026 or 2027.
Woodside also executed several natural gas sale agreements for the combined supply of approximately 128 PJ of pipeline gas to both the east coast and Western Australian domestic customers including retailers, and commercial and industrial users.
Delivery has commenced and is expected to continue to 2026.
In addition, Woodside also signed a SPA with Pilgangoora Operations Pty Ltd, a 100% owned subsidiary of Pilbara Minerals, for the supply of domestic LNG from the Pluto Truck Loading Facility. Supply under the SPA is contracted to commence in 2024 for a period of five years.
In August 2023, Woodside and LJ Scarborough Pty Ltd (LNG Japan) entered into a non-binding heads of agreement for the sale and purchase of 12 LNG cargoes per year (approximately 0.9 million tonnes per annum (Mtpa)) for ten years commencing in 2026. This agreement is part of a broader strategic relationship with LNG Japan and its parent entities which includes the sale of a 10% non-operating participating interest in Scarborough Joint Venture and collaboration on opportunities in new energy.2
In December 2023, Woodside signed a SPA with Mexico Pacific Limited (Mexico Pacific) for the purchase of 1.3 Mtpa of LNG over 20 years from Mexico Pacific’s Saguaro Energia LNG project on the Pacific coast of Mexico. The SPA is subject to Mexico Pacific taking a FID on the proposed third train which is expected in the second half of 2024. Commercial operations are targeted to commence in 2029.
Subsequent to the period, Woodside and JERA entered into a non-binding heads of agreement for the sale and purchase of six LNG cargoes on a delivered ex-ship basis per year for 10 years commencing in 2026 from Woodside’s global portfolio. This agreement is part of a broader strategic relationship with JERA which includes equity in the Scarborough Joint Venture and collaboration on opportunities in new energy and lower carbon services.
Projects
Woodside’s portfolio of projects is underpinned by project delivery capability that is focused on safety, low cost and lower carbon solutions.
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 430 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 FPU with eight wells drilled in the initial phase and 13 wells drilled throughout the life of the field. Expansion of Pluto LNG includes the construction of a second LNG train (Pluto Train 2), installation of additional domestic gas processing facilities and supporting infrastructure and modifications to the existing Pluto Train 1 to allow it to process Scarborough gas.
Scarborough gas is expected to produce approximately 5 Mtpa of LNG from Pluto Train 2, and up to 3 Mtpa of LNG from the existing Pluto Train 1. The Scarborough reservoir contains less than 0.1% CO2. Combined with processing design efficiencies at the offshore floating production unit and onshore Pluto Train 2 the Scarborough Energy Project will be one of the lowest carbon intensity sources of LNG delivered into North Asian markets.
At the end of 2023, the project was 55% complete. Fabrication of the FPU is ongoing with the living quarters commissioning underway and the hull and topsides progressing. Subsequent to the period, the hull exited its first drydock and the flare boom was installed on the topsides. Fabrication of the subsea flowlines and trunkline are complete.
The environment plans for the seismic, drilling, subsea and trunkline installation activities were accepted by the regulator in December. Following this approval, the seismic program was successfully completed. Subsequent to the period, the first subsea flowline was installed, drilling of the production wells commenced and work on the nearshore pipeline installation completed.
Work on the remainder of the pipeline in Commonwealth waters is underway.
Pluto Train 2 site works are well progressed in preparation for delivery of equipment and modules throughout 2024. At the end of 2023, approximately 33,000 m3 of concrete has been poured, 564 tonnes of structural steel erected and three km of piping has been installed. Fabrication of six modules were complete, with a further 38 modules underway. Additional modules were completed subsequent to the period.
The engineering, procurement and construction management (EPCM) contractor was selected for Pluto Train 1 modifications, with engineering and procurement of long-lead items progressing. Preparatory works for the Pluto Train 2 tie-in were carried out during the Pluto LNG turnaround in May 2023.
Woodside took a FID for the Scarborough Integrated Remote Operations Centre (IROC) in November 2023. The IROC will allow Scarborough and the Pluto facility to be remotely operated from Perth.
In August 2023, Woodside entered into an agreement with LNG Japan for the sale of a 10% non-operating participating interest in the Scarborough Joint Venture.3
Subsequent to the period, Woodside entered into an agreement with JERA for the sale of a 15.1% non-operating participating interest in the Scarborough Joint Venture.4
Woodside is operator and holds a 100% participating interest in Scarborough, 51% participating interest in Pluto Train 2 and 90% participating interest in Pluto LNG.5 Woodside is targeting first LNG cargo in 2026.
Sangomar
The Sangomar oil and gas field, located approximately 100 km south of Dakar, is Senegal’s first offshore oil project.
The Sangomar Field Development Phase 1 is developing the less complex reservoir units and testing other reservoirs to support potential future phases. Oil will be produced through a stand-alone FPSO facility with 23 subsea wells and supporting subsea infrastructure. It is designed to allow the tie-in of subsequent phases.
The FPSO Léopold Sédar Senghor is a converted oil tanker with new topsides, turret and mooring systems and has production capacity of 100,000 bbl/day. The FPSO departed Singapore in December 2023, and arrived offshore Senegal subsequent to the period in February 2024.
The Phase 1 drilling and completions campaign includes 23 production, gas and water injection wells. The reinjection of gas and water is intended to help maximise the recovery of the oil and enable gas to be stored for future use. At the end of 2023, 17 wells were completed and six further wells were partially complete.
As at the end of 2023, Phase 1 of the project was approximately 93% complete.
In May 2023, the Sangomar joint venture approved the drilling of an additional production well to optimise field recovery. As at the end of 2023, drilling of this well was partially complete.
Woodside is committed to a robust local content program that includes training initiatives, local employment, supplier business opportunities and capacity building within Senegal. As at June 2023, the main project contractors have reported more than 3,000 jobs fulfilled by Senegalese staff. Capacity building activities are now focusing on the operating phase.
Woodside is operator and holds an 82% participating interest in the Sangomar exploitation area and a 90% participating interest in the remaining Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore (RSSD) evaluation area.
Trion
Trion is an oil development located in the Gulf of Mexico, approximately 180 km off the Mexican coastline and 30 km south of the United States/Mexico maritime border at a water depth of approximately 2,500 m.
Woodside announced Trion’s FID in June 2023 and the Mexican regulator, Comision Nacional de Hidrocarburos (CNH), approved the Field Development Plan (FDP) in August 2023.
Woodside competitively tendered major scopes of the development and at FID, approximately 70% of the forecast capital was underpinned by firm tenders that were lump sum or based on fixed rates. Key contracts have been progressively executed since FID.
The FPU engineering, procurement, and construction contract was executed with Hyundai Heavy Industries. Procurement activities are progressing, commensurate with the maturity of the engineering performed to date. Advancing these activities will support the lump sum conversion which is planned to occur in 2024.
The floating storage and offloading (FSO) vessel front-end engineering and design (FEED) and shipyard engineering has commenced with SBM Offshore. The fully negotiated FSO bare boat charter and operating and maintenance contracts are targeting execution at the conclusion of FEED in 2024.
Key contracts have also been awarded across drilling and completions, facilities installation and subsea equipment. Long lead equipment and materials for topsides and subsea facilities have been ordered following contract awards. Transocean was awarded the drilling rig contract in July 2023. The rig will be selected 12 months prior.
The project is maturing opportunities across elements of the Trion local content plan and engaging key stakeholders in Mexico to understand local capabilities and establish prioritisation.
Woodside is operator and holds a 60% participating interest.
Exploration and Development
Woodside’s portfolio of developments and targeted exploration program is focused on identifying and addressing key technical and commercial elements to allow resources to compete for capital.
Calypso
Calypso is located approximately 220 km off the coast of Trinidad in 2,100 m water depth. The resource comprises several gas discoveries in Block 23(a) and Block TTDAA 14. The development is located in a region with existing infrastructure and a favourable demand outlook.
In the first half of 2023, Woodside completed conceptual studies and selected an infield host as the preferred development concept. Pre-FEED engineering commenced in the second half of 2023 to mature the definition of the concept. Marketing and commercial discussions continue with key stakeholders to evaluate options to monetise the resource. Woodside is operator and holds a 70% participating interest.
Browse
Browse comprises the Calliance, Brecknock and Torosa gas and condensate fields in the offshore Browse Basin, located approximately 425 km north of Broome, Western Australia.
Key work activities continued in the support of the proposed Browse to NWS Project development, including engagements with environmental regulators on approvals and progressing commercial agreements. A CCS solution has been incorporated into the offshore design to abate a significant proportion of Browse reservoir CO2. The Browse Joint Venture is evaluating further carbon abatement and energy efficiency opportunities to reduce and manage greenhouse gas emissions.
Woodside is operator and holds a 30.6% participating interest.
Liard
The Liard field is an unconventional gas field located in British Columbia, Canada. In 2023, Woodside completed a transaction whereby Calgary-based Paramount Resources took a 50% equity interest in, and operatorship of, 28 leases of the Liard field.
Woodside signed an agreement to join the Rockies LNG partnership as an option to potentially export LNG via the west coast of Canada. The Rockies LNG Partnership is collaborating with Western LNG and the Nisga’ Nation, the developers of the Ksi Lisims LNG project in British Columbia. Woodside holds a 50% participating interest in the Liard field.
Sunrise
Sunrise comprises the Sunrise and Troubadour gas and condensate fields which are located approximately 450 km north-west of Darwin, Australia and 150 km south of Timor-Leste.
In 2023, the Sunrise Joint Venture (SJV) participants continued to engage the Australian and Timor-Leste Governments on a new Greater Sunrise Production Sharing Contract and other related documents. The SJV also agreed with the Timor-Leste and Australian Governments to undertake a concept study for the potential development to inform relevant stakeholders in 2024.
The study will consider the key issues for developing, processing and marketing gas via both Timor-Leste and Australia. In addition to this, retention lease renewals were granted for Australian titles NT/RL2 and NT/RL4. Woodside is operator and holds a 33.44% participating interest.
Exploration
Woodside’s exploration strategy remains focused on accessing, testing and developing low cost, lower carbon, value-adding opportunities with the characteristics and project pace to be resilient through the energy transition.
In the U.S. Gulf of Mexico, Woodside was awarded five leases in lease sale 259 and was the highest bidder on 18 leases in lease sale 261.1 Woodside acquired a 44% working interest in two leases in the Green Canyon protraction area and participated in the drilling of the Spinel well (non-operated), which did not encounter hydrocarbons. Also acquired, was a 30% working interest in 11 leases in the Atwater Valley protraction area.
The Egyptian regulator approved Woodside’s acquisition of a 27% interest in two non-operated blocks in the Herodotus Basin.
Woodside signed an option agreement to acquire at least a 56% interest in Petroleum Exploration License 87, located offshore Namibia in the Orange Basin. Seismic acquisition was completed and a decision on exercising the option to enter will follow evaluation of the seismic data in 2024.
Woodside continued to optimise its exploration portfolio, exiting blocks no longer considered prospective. This included a decision to exit Block 5 in deepwater Trinidad and Tobago and completing formal exit activities in offshore Canada, Republic of Korea, Peru and Myanmar Block A-6.
New Energy and Carbon Solutions
Woodside is focusing on the development of new energy products and lower carbon services, to help Woodside and the company’s customers reduce emissions.
New Energy
The United States
H2OK
H2OK is a proposed liquid hydrogen project to be located in Ardmore, Oklahoma, expected to produce up to 60 tonnes per day (tpd) of liquid hydrogen. Woodside continued to progress technical, regulatory and contracting activities in 2023.
Woodside is evaluating the proposed U.S. Federal Government tax incentive criteria to determine implications for the project and is working to finalise customer offtake agreements to support a potential FID. Woodside is operator and holds a 100% participating interest.
The U.S. Gulf Coast
In 2023, Woodside assessed locations and progressed the early stages of an opportunity for a potential large scale ammonia production and export facility.
Heliogen Collaboration
Woodside and Heliogen have a project agreement to deploy a 5 MW demonstration module of Heliogen’s artificial intelligence- enabled concentrated solar energy technology in California, known as the Capella project. In 2023, the project completed FEED.
The Asia-Pacific
H2Perth is a proposed hydrogen and ammonia production facility to be located in Perth, Western Australia. In 2023, primary environmental approval application documents were submitted to both the Commonwealth and Western Australian regulators.
The Hydrogen Refueller @H2Perth is a proposed self-contained hydrogen production, storage and refuelling station which achieved a FID in 2023.
H2TAS is a proposed renewable ammonia and hydrogen production facility to be located in the Bell Bay area of Tasmania. In 2023, Woodside continued to evaluate power solutions and offtake opportunities.
Southern Green Hydrogen is a proposed renewable ammonia production facility to be located in Southland, New Zealand. In 2023, work continued to finalise commercial arrangements for Southern Green Hydrogen.
Carbon Capture And Storage (CCS)
Woodside, as a participant in various joint ventures, holds three greenhouse gas assessment permits and is a participant in the proposed South East Australia (SEA) CCS Project. In 2023, Woodside entered into three non-binding memoranda of understanding to enable studies of a potential CCS value chain between Japan and Australia.
Carbon Credits Portfolio
Woodside utilises carbon credits to offset equity Scope 1 and 2 greenhouse gas emissions that are above the company’s net emissions reduction targets. In 2023, Woodside planted approximately 2.7 million mixed biodiverse seedlings in Western Australia as part of the company’s Native Reforestation Project across approximately 4,700 hectares of land at Woodside owned properties. In Senegal, Woodside is funding the restoration of up to 7,000 hectares of mangroves in the Sine Saloum and Casamance regions.
Woodside is expected to receive up to 1.4 million carbon credits from this project over 30 years.
Carbon To Products
Woodside is focused on collaborating with carbon capture and utilisation (CCU) technology developers and is assessing opportunities to deploy their technologies in demonstration-scale pilot projects, ahead of their potential deployment on a larger- scale. Following agreements entered in 2022, Woodside completed a number of engineering studies with CCU technology developers LanzaTech, NovoNutrients, StringBio and several engineering firms in 2023.
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.
