Woodside Fact Checker
The Scarborough Energy Project
- A$50 billion The Scarborough Energy Project is expected to generate more than A$50 billion in indirect and direct taxes for Australia's economy
- A$115 million Has invested more than A$115 million with Karratha-based businesses
- 3000+ jobs Will generate more than 3000 jobs in WA during the construction phase
- A$3.6 billion Awarded more than A$3.6 billion in contracts to local Western Australia businesses
MYTH:
Australia doesn't need new gas projects like Scarborough.
FACT:
Consultancy ACIL Allen has found that Woodside’s Scarborough project (during construction and over its productive life) is expected to result in a significant direct contribution to the Australian economy through capital and operational spending, employment, taxation payments and exports.
Woodside is transparent about all of its business activities
Get the information on Woodside's key business activities, including its climate approach, the Scarborough project, Australian cultural heritage management, its tax contribution and more.
Natural gas producers' contribution to the economy
- 40% Petroleum Resource Rent Tax (PRRT) is a 40% profits-based resource tax
- 30% The profits of gas producers remain subject to the corporate income tax regime at 30% of taxable income for large corporates
MYTH:
Most gas exported from Australia is given to foreign owned companies for free, without royalties and natural gas producers barely pay any tax.
FACT:
All gas producers in Australia, including international producers, are subject to the fiscal and regulatory regime, which includes the application of a range of taxes, royalties and levies at both the State and Commonwealth level. The profits of gas producers, net of these specific imposts, remain subject to the corporate income tax regime at 30% of taxable income for large corporates.
Domestic gas supplied to Western Australia
- 3863 petajoules Domestic gas supplied to WA since 1984
MYTH:
Woodside doesn’t provide its fair share of domestic gas.
FACT:
Woodside has been supplying reliable, competitively priced domestic gas to Western Australia since 1984.
Scarborough project: Managing emissions
- Less than 0.1% The Scarborough gas field contains less than 0.1% carbon dioxide
MYTH:
The Scarborough Energy Project will emit 1.6 billion tonnes of carbon dioxide.
FACT:
The total direct and indirect GHG emissions from the Scarborough development are estimated to be 878 million tonnes of carbon dioxide-equivalent over the project life. This data is in accepted regulatory approval documents.
Managing environmental impacts
- 30 years 30 years of scientific research
- 2023 Awarded the Environment Project Excellence Award at APPEA
- 20 papers Funded research has resulted in over 20 papers in international peer-reviewed scientific journals
MYTH:
Woodside harms precious marine life and damages important reef systems.
FACT:
Strong partnerships, sound research and transparency are the key elements of Woodside's approach to the environment. All our activities are conducted under strict Australian and international regulations and management controls.
Taxes paid and benefits to the Australian economy
- A$5 billion Australian taxes, royalties and levies paid by Woodside in 2023
- 42% All-in effective tax rate in respect of Woodside's global profits (excluding exceptional items) in 2023
- A$40 billion Federal royalties and excise paid by the Woodside-operated North West Shelf (NWS) project since starting production to 2023 (100% venture)
- A$20 billion Petroleum resource rent tax (PRRT) paid by Woodside across its merged portfolio, since the PRRT has applied to 2023
MYTH:
Woodside doesn’t pay taxes or royalties and doesn’t contribute to the Australian economy.
FACT:
Woodside is the largest payer of petroleum resource rent tax (PRRT) and among Australia’s top tax contributors. In 2023 alone, Woodside paid a record A$5 billion in Australian taxes, royalties and levies to the Western Australian and Australian governments.
Scope 3 emissions targets
- US$5 billion Invest US$5 billion in new energy products and lower carbon services by 2030*
- 5 Mtpa CO2-e Take final investment decisions on new energy products and lower carbon services with a total abatement capacity of 5 million tonnes per annum carbon dioxide-equivalent (CO2-e) by 2030*
MYTH:
Woodside doesn’t have Scope 3 emissions targets.
FACT:
Woodside has two Scope 3 emissions targets.
Woodside Statement on Activism
Woodside is building a lower carbon business and wants to be part of an honest conversation about Australia’s energy needs now and into the future. Woodside fully supports respectful debate, including in relation to complex challenges like climate change.