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Highlights:
- Woodside Energy Limited (ASX:WDS) is looking to utilise its low cost, low carbon portfolio for energy transition.
- Two hydrogen projects have been proposed in Australia and North America.
- Woodside expects to grow at a CAGR of over 4% between 2023-2027.
Woodside Energy Limited (ASX:WDS) is a global energy company focused on petroleum exploration and production.
Energy transition is ongoing globally and the company aims to partake in it through low cost, low carbon, resilient and diversified portfolio. The assets of Woodside Energy are also located in Gulf of Mexico, Trinidad and Tobago, Senegal, Timor-Leste, and Canada, while the exploration prospects are spread across the globe. The customer base of the company is increasing in the Asia-Pacific region.
Recent developments
Woodside Energy has found growth opportunities across oil, gas, and energy sectors. The company is expecting first liquified natural gas (LNG) cargo to shipped from Scarborough and Pluto Train 2 projects in 2026. Through the development phase 1 of the Sangomar Field, Senegal the company is targeting to produce the first oil in 2023.
Besides, the company has proposed hydrogen projects H2Perth and H2OK in Australia and North America, respectively. An ammonia project H2TAS is also proposed by Woodside Energy in Australia. Woodside Energy also has a strategy to mitigate climate change which aims to reduce net emissions from the company’s assets and invest in the products and services which help customers to reduce emissions from their end. Clean cooking fuel is still not available to everyone globally. Woodside believes that it can meet customer demands for not only reliable but also secure energy supply.
What’s in store?
The Mad Dog phase 2 project is expected to start in the middle of 2023 for production guidance. The company has also planned a major turnaround in the second quarter of 2023 for its Pluto LNG project.
Woodside has targeted to reduce greenhouse gas emissions by 15% by 2025 from it’s net equity Scope 1 and 2. The company has plans to invest US$5 billion in new energy products and lower carbon service by the end of this decade.
Through the projects of the company, it is estimated to grow at a CAGR of more than 4% between 2023-2027 driven by Sangomar and Scarborough projects. The full-year production guidance of Woodside for 2023 is 180-190 million barrels of oil equivalent (MMboe).
On 16 January 2023, shares of Woodside Energy traded with a gain of 1.63% at AU$37.30 with a market capitalisation of AU$69.68 billion.
