ASX Update 11 Nov 2020

Investor Briefing Day

Woodside has risen to the challenges of 2020, delivering exceptional operating performance and demonstrating prudent financial decision-making to protect value for shareholders.


We held our annual Investor Briefing day as a virtual event webcast from Mia Yellagonga, our Perth headquarters on 11 November. Our CEO Peter Coleman together with presentations from our executive team demonstrated how we continue to deliver value through unprecedented times. We are a resilient hydrocarbon business and our investments in technology and offsets, along with our early-mover activities in hydrogen, build on our existing capabilities in LNG and position us to provide value through the energy transition, said CEO Peter Coleman.

At the IBD, we announced setting new targets for direct carbon emission reductions in support of our goal to be net zero by 2050. We are now aiming for reductions of 15% by 2025 and 30% by 2030 in our net equity Scope 1 and 2 emissions compared with the 2016-2020 period. We plan to achieve these targets using a range of levers: designing out emissions in new and existing facilities, potentially including carbon capture and storage; limiting emissions through efficient operations; and using high-quality offsets. Our Senior Vice President Climate Tom Ridsdill-Smith explained that LNG demand is expected to grow significantly in the next two decades as customers look for affordable and clean energy. 

We also talked about our current developments including the excellent progress at Sangomar Field Development offshore Senegal. We flagged we are looking to sell down our equity to the right partner over the course of 2021.

In Western Australia, Scarborough is a globally competitive development which has the potential to be a game-changer for Woodside, producing net cash flow of around $35 billion over its field life. We estimate the targeted 20% increase in Scarborough’s upstream capacity can be achieved at a very modest capex, with virtually no cost impact on the downstream. In terms of both contractor availability and the external LNG market, we expect the timing to be right for final investment decisions on Scarborough and Pluto Train 2 in the second half of 2021. The Scarborough Joint Venture is aligned on this schedule, which would put us on track for first LNG in 2026, said CEO Peter Coleman.

Importantly, Woodside has maintained the health and wellbeing of staff and continued strong, reliable operations throughout this year.

View the presentation here.