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Woodside Energy will invest USD 5 billion in new low-carbon energy projects

Last Updated on 08th January 2024

Woodside Petroleum Ltd. intends to invest USD 5 billion in new low-carbon energy projects over the next two decades while continuing to support its petroleum business, which will benefit from the recent merger with BHP's oil and gas holdings.


Although Woodside's LNG business will remain a vital energy source for decades, Chief Executive Officer Meg O'Neill said at an investor meeting this week that the company will help its customers' efforts to reduce carbon emissions.


O'Neill did not explain where the additional investments will be made, but he did declare solar and wind projects will be excluded.


The corporation has already expressed an interest in creating ammonia and liquid hydrogen, which can be used in tandem with its existing LNG output and technical capabilities. The production of liquid hydrogen, for example, necessitates a cooling process comparable to that of LNG.


Woodside said in October that it would build a plant in Kwinana, south of Perth, to create ammonia and hydrogen. Another project will use hydropower to manufacture hydrogen and ammonia in Tasmania's Bell Bay region.


According to the operator, the new energy projects will likely generate a return of more than 10% within a decade, slightly less than the 12-15 percent return and shorter time frame for oil and gas.


Despite the fact that the Scarborough gas find was discovered in the late 1970s, O'Neill believes the corporation can't afford to wait too long to take advantage of comparable chances given the speed with which the energy market is changing.


Woodside maintains that their goal of achieving net zero direct emissions by 2050 is still on track.


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