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New Energy
Customer-led solutions for the energy transition
Innovating and investing in a global energy transition
The future of energy is constantly evolving with a growing demand for safe, lower carbon1, 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 have also adopted a new 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.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. 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.
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. 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.
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Woodside is proud to be a global energy company, supplying the oil and gas that the world needs and working to develop new energy products.
Ann Pickard, Chair of the Sustainability Committee
What do we mean by new energy products and lower carbon services?
Woodside uses the term new energy to describe energy technologies, such as hydrogen or ammonia, that are emerging in scale but which are expected to grow during the energy transition due to having lower greenhouse gas emissions at the point of use than conventional fossil fuels. May include new energy products that have been manufactured from fossil fuels.
The term lower carbon services is used by Woodside to describe technologies, such as CCUS or offsets that could be used by customers to reduce their net greenhouse gas emissions.
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Our Approach
As the energy transition progresses, we expect demand to increase for new energy products and lower carbon services. Woodside is investing to add these new products and services to our existing portfolio of oil and gas assets, seeking to match the pace, scale and needs of our customers as they determine their own decarbonisation pathways.
How we’re supporting the energy transition
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5
Proposed hydrogen and ammonia opportunities
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US $335 million
Cumulative spend since 2021 on new energy produces and lower carbon services. [1] [2] [3]
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US $5 Billion
Targeted investment in new energy products and lower carbon services by 2030 [4]
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5 Mtpa
Complementary emissions abatement target to take final investment decision on new energy products and lower carbon services by 2030. [5] [6]
1. 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.
2. 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.
3. 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.
4. 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.
5. 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.
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.
Our new energy products and lower carbon services
Hydrogen is the simplest element in the universe. It’s abundant, versatile, and can act as an energy carrier, storing and transporting energy in a usable form from one place to another.
Hydrogen has been recognised as a key option to realise the net zero greenhouse gas emissions commitments that governments have announced in recent years.
Ammonia can be used as a carrier for hydrogen, either to be used directly (as feedstock for chemicals or as a fuel for power generation and maritime transportation) or to be reconverted to hydrogen.
They both offer the potential for decarbonising parts of the energy system where other measures such as direct electrification are more difficult or expensive, including sections of heavy industry and long-distance transport.
Some technologies can abate emissions by capturing greenhouse gases and durably storing them out of the atmosphere.
We are developing a portfolio of carbon credits to contribute to the achievement of our net equity Scope 1 and 2 greenhouse gas emissions targets. These also have the potential to be bundled with product sales if customer demand is present, at a scale which is able to be supported.
As a participant in various joint ventures, we hold greenhouse gas assessment permits enabling carbon capture and storage assessments in the Browse Basin (operated), Northern Carnarvon Basin (operated) and Bonaparte Basin (non-operated). We are also a participant in the Gippsland Basin Joint Venture, which is progressing a feasibility study of the potential development of a south-east Australian carbon captureandstorage hub.
We are collaborating with research companies as well as assessing opportunities to invest in demonstration-scale pilot projects to test carbon capture and utilisation (CCU) technologies ahead of their potential deployment on a larger-scale.
We’re developing large-scale solar generation, while working with a technology company to support the deployment of new solar energy technologies.
We are collaborating with Heliogen to deploy Heliogen’s AI-enabled concentrated solar energy technology in California and jointly market Heliogen’s renewable energy technology in Australia.
We are also progressing the proposed Woodside Solar Project, a solar facility which would initially generate electricity from a large-scale solar photovoltaic farm, complemented by a battery energy storage system.
Collaborating to develop demand for new sources of energy
We expect the development of new energy markets to be similar to the development of the LNG industry many years ago, such as in the need for government support and opportunities for collaboration. Like then, we are building relationships across the value chain and aligning solutions to customers with options to match the scale and pace of the energy transition. We have been investing in customer relationships with our traditional LNG buyers and we are extending that to new and emerging customers in new energy.
The latest updates on our new energy projects
Be the first to know about key updates, milestones and achievements on our new energy projects.