Glossary
Glossary
| Sustainability glossary | |
|---|---|
| Abate / Abatement | Avoidance, reduction or removal of an amount of carbon dioxide or equivalent. |
| AR6 Scenarios Database | The full citation for the AR6 Scenarios Database in section 4.2 is: Edward Byers, Volker Krey, Elmar Kriegler, Keywan Riahi, Roberto Schaeffer, Jarmo Kikstra, Robin Lamboll, Zebedee Nicholls, Marit Sanstad, Chris Smith, Kaj-Ivar van der Wijst, Alaa Al Khourdajie, Franck Lecocq, Joana Portugal-Pereira, Yamina Saheb, Anders Strømann, Harald Winkler, Cornelia Auer, Elina Brutschin, Matthew Gidden, Philip Hackstock, Mathijs Harmsen, Daniel Huppmann, Peter Kolp, Claire Lepault, Jared Lewis, Giacomo Marangoni, Eduardo Müller-Casseres, Ragnhild Skeie, Michaela Werning, Katherine Calvin, Piers Forster, Celine Guivarch, Tomoko Hasegawa, Malte Meinshausen, Glen Peters, Joeri Rogelj, Bjorn Samset, Julia Steinberger, Massimo Tavoni, Detlef van Vuuren. AR6 Scenarios Database hosted by IIASA International Institute for Applied Systems Analysis, 2022.doi: 10.5281/zenodo.5886911 | url: data.ece.iiasa.ac.at/ar6/ |
| Artificial intelligence | The ability of a computer or other device or application to function as if processing human intelligence.1 |
| Aspiration | Woodside uses this term to describe an aspiration to seek the achievement of an outcome but where achievement of the outcome is subject to material uncertainties and contingencies such that Woodside considers there is not yet a suitable defined plan or pathway to achieve that outcome. |
| ASX | Australian Securities Exchange |
| ATO | Australian Taxation Office |
| Biosequestration | Biosequestration refers to the capture and storage of carbon in living organisms, including plants and trees, to mitigate greenhouse gas emissions. |
| Biodiversity | Biological diversity means the variability among living organisms from all sources including, inter alia, terrestrial, marine and other aquatic ecosystems and the ecological complexes of which they are a part; this includes diversity within species, between species and of ecosystems.2 |
| Biodiversity positive | Woodside defines biodiversity positive as a project or investment that has measurable benefits to 1) threatened or keystone species; or 2) restores or regenerates natural habitat; or 3) removes threatening processes or enhances ecological function. A keystone species is a species that has a disproportionately large effect on its natural environment relative to its abundance. |
| Board | The Board of Directors of Woodside Energy Group Ltd. |
| Brent | Intercontinental Exchange (ICE) Brent Crude deliverable futures contract (oil price) |
| Carbon credit | A tradable financial instrument that is issued by a carbon-crediting program. A carbon credit represents a greenhouse gas emission reduction to, or removal from, the atmosphere equivalent to 1 t/CO2-e, calculated as the difference in emissions from a baseline scenario to a project scenario. Carbon credits are uniquely serialised, issued, tracked and retired or administratively cancelled by means of an electronic registry operated by an administrative body, such as a carbon-crediting program. |
| Carbon credit integrity | Woodside assesses Greenhouse gas (GHG) integrity (abatement that is measurable, verifiable and has a low-risk of being inaccurate, non-additional or impermanent) and Environmental, Social and Governance integrity (guided by positive (or no negative) impacts on people and the environment; and appropriate governance measures to prevent adverse consequences and impacts). |
| Carbon sequestration | Carbon sequestration refers to the storage of carbon dioxide (CO2) after it is captured from industrial facilities and power plants or removed directly from the atmosphere.3 |
| CCS | Carbon capture and storage |
| CEO | Chief Executive Officer |
| CCU | Carbon capture and utilisation, also referred to as carbon-to-products. |
| CCUS | Carbon capture utilisation and storage |
| Circular economy | A model for resource management that involves the re-use, re-purposing, or recycling of recovered materials and equipment from decommissioning activities to maintain the value of materials for as long as possible and minimise waste and pollution, lowering the environmental burden associated with mining and production processes (of new resources) |
| CO2 | Carbon dioxide |
| CO2-e | CO2 equivalent. The universal unit of measurement to indicate the global warming potential of each of the seven greenhouse gases, expressed in terms of the global warming potential of one unit of carbon dioxide. It is used to evaluate releasing (or avoiding releasing) any greenhouse gas against a common basis.4 |
| Company or Woodside or Group | On this website, unless otherwise stated, references to 'Woodside', the 'Group', the 'company', 'we', 'us' and 'our' refer to Woodside Energy Group Ltd and/or its controlled entities, as a whole. |
| Contractors | Individual or organisation performing work for Woodside following verbal or written agreement. 'Subcontractor' is synonymous with 'Contractor'.5 |
| COP16 | The 16th meeting of the Conference of the Parties (COP) to the Convention on Biological Diversity (CBD) was held from October 21 to November 1, 2024, in Cali, Colombia.6 |
| COP28 | The 28th Conference of the Parties to the United Nations Framework Convention on Climate Change, meeting in Dubai, UAE, November-December 2023. |
| COP29 | The 29th Conference of the Parties to the United Nations Framework Convention on Climate Change, meeting in Baku, Azerbaijan, from 11 to 22 November 2024. |
| Decarbonisation | Woodside uses this term to describe activities or pathways that have the effect of moving towards a state that is lower-carbon, as defined in this glossary. |
| EITI | Extractive Industries Transparency Initiative |
| Emissions | Emissions refers to emissions of greenhouse gases unless otherwise stated. |
| Environmental incident | Environmental incidents involving hydrocarbon and hazardous non-hydrocarbon spills of greater than 1 bbl released to the environment. |
| Equity greenhouse gas emissions | Equity emissions reflect the greenhouse gas emissions from operations according to Woodside’s share of equity in the operation. Its equity share of an operation reflects its economic interest in the operation, which is the extent of rights it has to the risks and rewards flowing from the operation. Woodside sets its Scope 1 and 2 greenhouse gas emissions reduction targets on an equity basis. This ensures that the scope of its emissions reduction targets is aligned with its economic interest in its investments.7 |
| Executive Leadership Team (ELT) | The most senior leadership group in the company, previously known as the Executive Committee. |
| FID | Final investment decision |
| FPSO | Floating production storage and offloading |
| First Nations and Indigenous Peoples | First Nations people are the Indigenous people, or earliest known inhabitants, of a country. A First Nations person is a person of Indigenous decent, who identifies as a First Nations person and is accepted by their respective community. NOTE: We acknowledge the diversity of the First Nations communities in the areas where we are present. When communicating with a wide audience, Woodside uses the term Indigenous and First Nations interchangeably. On a local level, Woodside will be guided by the community as to the appropriate terms of reference. |
| Flaring | The controlled burning of gas found in oil and gas reservoirs. |
| Free Prior and Informed Consent (FPIC) | Free, Prior and Informed Consent. For further information, please see Woodside’s First Nations Communities Policy. |
| FPSO | Floating production storage and offloading |
| Frequency rates | Frequency rates are calculated per million work hours. |
| GHG or Greenhouse gas | The seven greenhouse gases listed in the Kyoto Protocol are: carbon dioxide (CO2); methane (CH4); nitrous oxide (N20); hydrofluorocarbons (HFCs); nitrogen trifluoride (NF3); perfluorocarbons (PFCs); and sulphur hexafluoride (SF6).8 |
| Goal | Woodside uses this term to broadly encompass its targets and aspirations. |
| GRI | The Global Reporting Initiative is a network-based organisation that promotes sustainability reporting worldwide. The GRI reporting framework sets out principles and indicators that organisations can use to measure and report their environmental, social and governance performance. |
| Gross greenhouse gas emissions | Also referred to as 'absolute' emissions, gross emissions are emissions before any eligible units and certificates have been accounted for.9 |
| Hierarchy of controls | The hierarchy of controls is a method of identifying and ranking safeguards to protect workers from hazards. They are arranged from the most to least effective and include elimination (physically removing the hazard), substitution (replacing the hazard), engineering controls (isolating people from the hazard), administrative controls (changing the way people work) and personal protective equipment (to protect workers directly). |
| High-consequence work-related injury | A high-consequence injury is an injury where the individual does not return to full health within six months. |
| Human factors | Using what is known about people, organisations and work design to influence performance. |
| Hydro | Electricity produced using the power of water (hydroelectricity) |
| IFRS Foundation / IFRS | International Financial Reporting Standards Foundation. For more information see www.ifrs.org |
| Incident | Is one, or more, of the following: an unplanned release of energy that actually resulted in injury, occupational illness, environmental harm or damage to assets, a near miss, damage or potential damage to company reputation, breach of regulatory compliance and/or legislation, security breach (including cybersecurity breach). |
| IOGP | International Association of Oil and Gas Producers |
| Ipieca | International Petroleum Industry Environmental Conservation Association: the global oil and gas industry association for environmental and social issues |
| ISO | International Organization for Standardization |
| IUCN | International Union for Conservation of Nature |
| Just transition | Please see Just transition webpage and for further information on page 68 of the Climate Transition Action Plan and 2023 Progress Report. |
| JV | Joint Venture |
| KBSB | King Bay Supply Base |
| KBSF | King Bay Supply Facility |
| KGP | Karratha Gas Plant |
| Leverage | The measure of any additional resources contributed to a community organisation or activity that come from sources other than the company i.e. joint ventures, employees, government or another corporate organisation. |
| LNG | Liquefied natural gas |
| Loss of primary containment (LOPC) | An unplanned or uncontrolled release of any material from primary containment, including non-toxic and non-flammable materials (e.g. steam, hot condensate, nitrogen, compressed CO2 or compressed air). |
| Lost time injury (LTI) | An LTI is an incident that results in a fatality, disability or time lost from work. The number of LTIs is the sum of these. |
| Lower-carbon | 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. When applied to Woodside's strategy, please see the definition of lower-carbon portfolio. |
| Lower-carbon ammonia | Lower-carbon ammonia is characterised here by the use of hydrogen with emissions abated by carbon, capture, and storage (CCS), with an expected ammonia lifecycle (Scope 1, 2 and 3) carbon emissions intensity of 0.8 tCO2/tNH3 (based on contracted intensity threshold with Linde) relative to unabated ammonia with a lifecycle (Scope 1, 2 and 3) carbon emissions intensity of 2.3 tCO2/tNH3 (Hydrogen Europe, 2023). |
| Lower-carbon economy | A lower-carbon economy is an economy that produces lower levels of greenhouse gas emissions relative to today's economy. |
| Lower-carbon portfolio | 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. |
| Lower-carbon power | Lower-carbon power comes from processes or technologies that produce electricity with a lower greenhouse gas emissions intensity relative to electricity produced from a higher emissions intensity source. |
| Lower-carbon services | Woodside uses this term to describe technologies, such as CCUS or offsets that could be used by customers to reduce their net greenhouse gas emissions. |
| MAC | Murujuga Aboriginal Corporation |
| Major environmental incidents | Unplanned or undesired event resulting in a moderate, medium-term impact on ecosystems, species, habitat or physical or biological attributes. |
| MMBtu | Million british thermal units |
| Net equity greenhouse gas emissions | Woodside's equity share of net greenhouse gas emissions. |
| Net greenhouse gas emissions | Woodside's equity share of net greenhouse gas emissions which includes the utilisation of carbon credits as offsets. |
| Net zero | Net zero emissions are achieved when anthropogenic emissions of greenhouse gases to the atmosphere are balanced by anthropogenic removals over a specified period. Where multiple greenhouse gases are involved, the quantification of net zero emissions depends on the climate metric chosen to compare emissions of different gases (such as global warming potential, global temperature change potential, and others, as well as the chosen time horizon).10 |
| New energy | Woodside uses this term 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. |
| NGER | National Greenhouse and Energy Reporting |
| NGL(s) | Natural gas liquids |
| NPI | National Pollutant Inventory |
| NYFL | Ngarluma Yindjibarndi Foundation Limited |
| Offsets | The compensation for an entity's greenhouse gas emissions within its scope by achieving an equivalent amount of emission reductions or removals outside the boundary or value chain of that entity. |
| Offtake | Offtake refers to the agreement between a seller and a buyer for the purchase and delivery of a product, typically a commodity or energy resource. |
| OGCI | Oil and Gas Climate Initiative. For more information see www.ogci.com |
| Operator, Operated and non-operated | Oil and gas joint venture participants will typically appoint one company as the operator, which will hold the contractual authority to manage joint venture activities on behalf of the joint venture participants. Where Woodside is the operator of a joint venture in which it holds an equity share, this report refers to that joint venture as being operated. Where another company is the operator of a joint venture in which Woodside holds an equity share, this report refers to that joint venture as being non-operated. |
| Origination | Origination refers to carbon offset projects developed by Woodside or third-party project developers, characterised by (i) the provision by Woodside of up-front investment or funding; (ii) Woodside either being a majority participant in the project or a recipient of carbon credits from the project (or both); and (iii) the acceptance of risk by Woodside in relation to carbon credit delivery. |
| Paris aligned scenarios | Consistent with limiting global warming to below 2°C above pre-industrial levels and pursuing efforts to limit warming to 1.5°C.11 |
| Philanthropy | The cash contributions the company pays in support of a community organisation or projects (e.g. small grants and donations) and in-kind contributions of the company's corporate resources (e.g. IT equipment, used furniture or housing). |
| Potential risks | This is an environmental, social or governance related-risk, that if it occurs over the next 12 months, could cause an actual or a perceived negative impact on the business or on our activities. |
| Process safety event (PSE) (Tier 1 and Tier 2) | An unplanned or uncontrolled loss of primary containment (LOPC) of any material including non-toxic and non-flammable materials from a process, or an undesired event or condition. Process safety events are classified as Tier 1 – LOPC of greatest consequence or Tier 2 – LOPC of lesser consequence. As defined by American Petroleum Institute (API) recommended practice 754. |
| RAP | Reconciliation Action Plan |
| Renewable energy | Renewable energy is energy derived from natural sources that are replenished at a higher rate than they are consumed. Sunlight and wind, for example, are such sources that are constantly being replenished. Renewable energy sources are plentiful and all around us.12 |
| Retire, Retirement | The transfer of a carbon credit to a registry account that permanently removes the carbon credit from circulation. The term retirement applies to the use of the carbon credit by an entity to meet voluntary commitments or compliance obligations. |
| RFSU | Ready for start up. |
| Salient/salience | Salient human rights risks, are those human rights that are at risk of the most severe negative impacts through a company's activities or business relationships.13 |
| Scope 1 GHG emissions | Direct GHG emissions. These occur from sources that are owned or controlled by the company, for example, emissions from combustion in owned or controlled boilers, furnaces, vehicles, etc.; emissions from chemical production in owned or controlled process equipment. Woodside estimates greenhouse gas emissions, energy values and global warming potentials are estimated in accordance with the relevant reporting regulations in the jurisdiction where the emissions occur (e.g. Australian National Greenhouse and Energy Reporting (NGER), US EPA Greenhouse Gas Reporting Program (GHGRP)). Australian regulatory reporting principles have been used for emissions in jurisdictions where regulations do not yet exist.14 |
| Scope 2 GHG emissions | Electricity indirect GHG emissions. Scope 2 accounts for GHG emissions from the generation of purchased electricity consumed by the company. Purchased electricity is defined as electricity that is purchased or otherwise brought into the organisational boundary of the company. Scope 2 emissions physically occur at the facility where electricity is generated. Woodside estimates greenhouse gas emissions, energy values and global warming potentials are estimated in accordance with the relevant reporting regulations in the jurisdiction where the emissions occur (e.g. Australian National Greenhouse and Energy Reporting (NGER), US EPA Greenhouse Gas Reporting Program (GHGRP)). Australian regulatory reporting principles have been used for emissions in jurisdictions where regulations do not yet exist. 14 |
| Scope 3 GHG emissions | Other indirect GHG emissions. Scope 3 is a reporting category that allows for the treatment of all other indirect emissions. Scope 3 emissions are a consequence of the activities of the company, but occur from sources not owned or controlled by the company. Some examples of Scope 3 activities are extraction and production of purchased materials; transportation of purchased fuels; and use of sold products and services. Please refer to the data table on page 73 of the Climate Action Transition Plan and 2023 Progress Report for further information on the Scope 3 emissions categories reported by Woodside.14 |
| Short-, medium-and long-term | This report refers to ranges of time as follows: short-term means from now until 2025; medium-term means 2026-2035; long-term means 2036 and beyond. Woodside also refers to 'near-term' and 'medium-term' in the specific context of its net equity Scope 1 and 2 greenhouse gas emissions reduction targets. In this context, near-term refers to the 2025 as a point in time, and medium term refers to 2030 as a point in time, being the years to which the targets relate. |
| Starting base | Woodside uses a starting base of 6.32 Mt CO2-e which is representative of the gross annual average equity Scope 1 and 2 greenhouse gas emissions over 2016-2020 and which may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with a final investment decision prior to 2021. Net equity emissions include the utilisation of carbon credits as offsets. |
| Strategic partnerships | Strategic partnerships are more proactive and strategic than philanthropic donations. They centre on a smaller number of larger-scale, longer-term partnerships, rather than a donation to a community organisation. These partnerships address the social issue(s) that the company has identified as being relevant to both the company and the community in which it operates. They are linked to a corporate strategy, are measured, and expected to help protect the long-term corporate interests and reputation of the business. |
| Sustainability (including sustainable and sustainably) | References to sustainability (including sustainable and sustainably) are used in the context of Woodside's aim to ensure its business is sustainable from a long-term perspective, considering a range of factors including economic (including being able to sustain our business in the long-term by being low-cost and profitable), environmental (including considering our environmental impact and striving for a lower-carbon portfolio), social (including supporting our licence to operate), and regulatory (including ongoing compliance with relevant legal obligations). Use of the terms 'sustainability', 'sustainable' and 'sustainably' is not intended to imply that Woodside will have no adverse impact on the economy, environment, or society, or that Woodside will achieve any particular economic, environmental, or social outcomes. |
| Target | Woodside uses this term to describe an intention to seek the achievement of an outcome, where Woodside considers that it has developed a suitably defined plan or pathway to achieve that outcome. |
| TCFD | Task Force on Climate-related Financial Disclosures. For more information see www.fsb-tcfd.org/about |
| Total employees | Total number of employees including permanent, fixed-term and part-time. For more information see the people data table. |
| Total recordable injury rate (TRIR) | The number of recordable injuries (fatalities + lost work day cases + restricted workday cases + medical treatment cases + permanent partial disability) per million work hours. |
| Total social contribution spend globally | Sum of strategic partnerships, philanthropy, volunteering and mandatory contributions. |
| TROIF | A measure of the occurrence of occupational illnesses within our business and applies to both physical and psychological illnesses. |
| Total turnover | Permanent and fixed-term employees who left Woodside voluntarily or involuntarily. |
| Traditional Owners and Custodians | Members of the local Indigenous group with traditional rights and responsibilities in relation to the land and water in which we are active. |
| Transition case | Woodside uses this term to refer to the methodology Woodside applies to helps us manage risk by screening investment opportunities across a range of climate-related factors. |
| UNSDG | United Nations Sustainable Development Goals |
| Upstream | Industry term for operations relating to exploring for, developing and producing as well as marketing crude oil and natural gas. This includes transporting crude oil, natural gas and petroleum products by pipeline or marine vessel. |
| USD | US dollars |
| UWA | The University of Western Australia |
| Voluntary turnover | Permanent and fixed-term employees who left Woodside voluntarily for reasons not initiated by the company. |
| Volunteering | The cost to the company of the paid working hours contributed by employees to a community organisation or activity during paid working time (i.e. team-based volunteering, skills-based volunteering and secondments). |
| VPSHR | Voluntary Principles on Security and Human Rights |
| WA | Western Australia |
Footnotes
Footnotes
