Woodside Petroleum Ltd. will invest $5 billion in new energy products by 2030 as it looks to cut emissions and tap into cleaner sources of fuel, Australia's biggest independent oil and gas company said on Dec. 8.
Companies are increasingly pivoting towards new energy and renewable sources as they race to decarbonize to meet emission targets and reduce reliance on fossil fuels, including LNG.
Chief Executive Meg O'Neill said at an investor briefing that Woodside expects LNG "to remain an important part of the energy mix in our region for decades to come," but highlighted the importance of new energy in supporting decarbonization goals.
"We expect that in the mid-2020s the transition to new energy will be underway, including the start-up of the first of our own projects," O'Neill said.
Woodside, which along with BHP Group gave a final go-ahead to their $12 billion Scarborough LNG project last month, has already announced four new energy projects in recent months.
These include a A$1 billion carbon-neutral hydrogen and ammonia production facility in Western Australia, as well as liquid hydrogen and solar projects in the United States.
Recommended Reading
Hess Midstream Announces 10 Million Share Secondary Offering
2024-02-07 - Global Infrastructure Partners, a Hess Midstream affiliate, will act as the selling shareholder and Hess Midstream will not receive proceeds from the public offering of shares.
EQT CEO: Biden's LNG Pause Mirrors Midstream ‘Playbook’ of Delay, Doubt
2024-02-06 - At a Congressional hearing, EQT CEO Toby Rice blasted the Biden administration and said the same tactics used to stifle pipeline construction—by introducing delays and uncertainty—appear to be behind President Joe Biden’s pause on LNG terminal permitting.
TC Energy’s Keystone Back Online After Temporary Service Halt
2024-03-10 - As Canada’s pipeline network runs full, producers are anxious for the Trans Mountain Expansion to come online.
Enbridge Announces $500MM Investment in Gulf Coast Facilities
2024-03-06 - Enbridge’s 2024 budget will go primarily towards crude export and storage, advancing plans that see continued growth in power generated by natural gas.
Plains All American Names Michelle Podavin Midstream Canada President
2024-03-05 - Michelle Podavin, who currently serves as senior vice president of NGL commercial assets for Plains Midstream Canada, will become president of the business unit in June.