New Energy

The future of energy is constantly evolving with a growing demand for safe, lower carbon,¹ affordable and reliable energy.

Today, our portfolio includes a diverse range of oil and gas assets. We’re also developing a portfolio of new energy products and lower carbon services.²

Across our portfolio, we seek to match the pace, scale and needs of our customers as they determine their own decarbonisation pathways. We have a target of US$5 billion investment in new energy products and lower carbon services by 2030.^3,4 We also have an emissions abatement target to take final investment decisions on new energy products and lower carbon services by 2030, with total abatement capacity of 5 Mtpa CO₂-e.^4,5

^{[1] Woodside uses this term to describe the characteristic of having lower levels of associated potential GHG emissions when compared to historical and/or current conventions or analogues, for example relating to an otherwise similar resource, process, production facility, product or service, or activity.}

^{[2] Cumulative spend against the investment target at the end of 2024 includes 80% of the total $2,350 million for the Beaumont New Ammonia Project acquisition. The remaining 20% will be paid at Project completion.}

^{[3] Includes pre-RFSU spend on new energy products and lower carbon services that can help our customers decarbonise by using these products and services. It is not used to fund reductions of Woodside’s net equity Scope 1 and 2 emissions which are managed separately through asset decarbonisation plans.}

^{[4] Scope 3 targets are subject to commercial arrangements, commercial feasibility, regulatory and Joint Venture approvals, and third-party activities (which may or may not proceed). Individual investment decisions are subject to Woodside’s investment targets. Not guidance. Potentially includes both organic and inorganic investment.}

^{[5] New energy project progress (which includes new energy products and lower carbon services) is subject to commercial arrangements, commercial feasibility, regulatory and Joint Venture approvals, and third party activities (which may or may not proceed). Individual investment decisions are subject to Woodside’s investment targets. Not guidance. Potentially includes both organic and inorganic investment.}

^{[6] Includes binding and non-binding opportunities in the portfolio, subject to commercial arrangements, commercial feasibility, regulatory and Joint Venture approvals, and third party activities (which may or may not proceed). Individual investment decisions are subject to Woodside’s investment targets. Not guidance.}

^{[7] Scope 3 emissions abatement capacity of 1.6 Mtpa CO₂-e assumes supply of carbon abated hydrogen and CCS operational. Woodside has made the assumption to estimate the avoided emissions through the displacement of conventional marine fuel. Actual displaced emissions may differ based on actual use case.}

^{[8] The information regarding Beaumont New Ammonia (BNA) in this update does not contain all the underlying context and details that is included in the announcement "Woodside to acquire OCI's Clean Ammonia Project", released 5 August 2024. Refer to the announcement for the full explanation of the underpinning assumptions, uncertainties, and context relevant to BNA. https://www.woodside.com/docs/default-source/asx-announcements/2024/woodside-to-acquire-oci's-clean-ammonia-project.pdf?sfvrsn=cf35e9ed_1.}

^{[9] For Woodside, a lower carbon portfolio is one from which the net equity Scope 1 and 2 greenhouse gas emissions, which includes the use of offsets, are being reduced towards targets, and into which new energy products and lower carbon services are planned to be introduced as a complement to existing and new investments in oil and gas. Our Climate Policy sets out the principles that we believe will assist us achieve this aim.}