New Energy
Customer-led solutions for the energy transition
Innovating and investing in a global energy transition
The future of energy is constantly evolving with a growing demand for safe, lower-carbon1, affordable and reliable energy.
Today, our portfolio includes a diverse range of oil and gas assets. We’re also developing a portfolio of new energy products and lower-carbon services.
Across our portfolio, we seek to match the pace, scale and needs of our customers as they determine their own decarbonisation pathways. We have adopted a target of US $5 billion investment in new energy products and lower-carbon services by 20302.
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Woodside is proud to be a global energy company, supplying the oil and gas that the world needs and working to develop new energy products.
Ann Pickard, Chair of the Sustainability Committee
What do we mean by new energy products and lower-carbon services?
Woodside uses the term new energy 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.
The term lower-carbon services is used by Woodside to describe technologies, such as CCUS or offsets that could be used by customers to reduce their net greenhouse gas emissions.
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Our plan for the energy transition
As the energy transition progresses, we expect demand to increase for new energy products and lower-carbon services. Woodside is investing to add these new products and services to our existing portfolio of oil and gas assets, seeking to match the pace, scale and needs of our customers as they determine their own decarbonisation pathways.
How we’re supporting the energy transition
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5
Proposed hydrogen and ammonia opportunities
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US $100m
Spent towards the target $US5 billion investment in new energy and lower carbon services by 2030 [3]
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US $5 Billion
Targeted investment in new energy products and lower carbon services by 2030 [4]
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15%
By 2025 net equity emissions reduction target [5] with an aspiration of net zero by 2050 or sooner [6]
Our new energy products and lower-carbon services
Hydrogen is the simplest element in the universe. It’s abundant, versatile, and can act as an energy carrier, storing and transporting energy in a usable form from one place to another.
Hydrogen has been recognised as a key option to realise the net zero greenhouse gas emissions commitments that governments have announced in recent years.
Ammonia can be used as a carrier for hydrogen, either to be used directly (as feedstock for chemicals or as a fuel for power generation and maritime transportation) or to be reconverted to hydrogen.
They both offer the potential for decarbonising parts of the energy system where other measures such as direct electrification are more difficult or expensive, including sections of heavy industry and long-distance transport.
H2Perth
We are progressing plans to establish a world-scale hydrogen and ammonia production facility at a site in Kwinana near the Rockingham Industry Zone, named H2Perth.
H2TAS
Our proposed H2TAS hydrogen plant is a phased development with the potential to support up to 1.7 gigawatts of electrolysis for hydrogen and ammonia production.
H2OK
We've entered front-end engineering design (FEED) phase on our proposed H2OK project in Oklahoma, awarding a contract for engineering services to KBR.
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Southern Green Hydrogen
A proposed renewable ammonia production facility to be located in Southland, New Zealand, targeting up to 500,000 tonnes of ammonia per year.
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Hydrogen Refueller @H2Perth
The proposed Hydrogen Refueller @H2Perth is a self-contained hydrogen production, storage and refuelling station located adjacent to H2Perth.
Some technologies can abate emissions by capturing greenhouse gases and durably storing them out of the atmosphere.
We are developing a portfolio of carbon credits to contribute to the achievement of our net equity Scope 1 and 2 greenhouse gas emissions targets. These also have the potential to be bundled with product sales if customer demand is present, at a scale which is able to be supported.
As a participant in various joint ventures, we hold greenhouse gas assessment permits enabling carbon capture and storage assessments in the Browse Basin (operated), Northern Carnarvon Basin (operated) and Bonaparte Basin (non-operated). We are also a participant in the Gippsland Basin Joint Venture, which is progressing a feasibility study of the potential development of a south-east Australian carbon capture and storage hub.
We are collaborating with research companies as well as assessing opportunities to invest in demonstration-scale pilot projects to test CCU technologies ahead of their potential deployment on a larger-scale.
Carbon Origination
Woodside established a carbon business in 2018 to develop an offsets portfolio in support of our climate targets and aspiration
We’re developing large-scale solar generation, while working with a technology company to support the deployment of new solar energy technologies.
We are collaborating with Heliogen to deploy Heliogen’s AI-enabled concentrated solar energy technology in California and jointly market Heliogen’s renewable energy technology in Australia.
We are also progressing the proposed Woodside Solar Project, a solar facility which would initially generate electricity from a large-scale solar photovoltaic farm, complemented by a battery energy storage system.
Collaboration with Heliogen in California
Woodside and Heliogen are progressing plans for a 5 MW commercial-scale demonstration facility in California, using Heliogen’s AI-enabled concentrated solar technology.
Woodside Solar Project in Western Australia
The proposed Woodside Solar project plans to generate electricity from a solar photovoltaic farm near Karratha in Western Australia, complemented by a battery energy storage system.
Collaborating to develop demand for new sources of energy
We expect the development of new energy markets to be similar to the development of the LNG industry many years ago, such as in the need for government support and opportunities for collaboration. Like then, we are building relationships across the value chain and aligning solutions to customers with options to match the scale and pace of the energy transition. We have been investing in customer relationships with our traditional LNG buyers and we are extending that to new and emerging customers in new energy.
1 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.
2 Individual investment decisions are subject
to Woodside’s investment targets. Not guidance. Potentially includes both organic and inorganic investment.
3
As of the end of 2022.
4
Individual investment decisions are subject to Woodside’s investment targets. Not guidance. Potentially includes both organic and inorganic investment.
5 This means net equity emissions for the 12-month period ending 31 December 2025 are targeted to be 15% lower than the starting base.
6 Target is for net equity Scope 1 and 2 greenhouse gas emissions, relative to a starting base representative of the gross annual average equity Scope 1 and 2 greenhouse gas emissions over 2016-2020 and may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with a final investment decision prior to 2021. Woodside has set its Scope 1 and 2 greenhouse gas emissions reduction targets on a net basis, allowing for both direct emissions reductions from its operations and emissions reductions achieved from the use of offsets. Net greenhouse gas emissions are equal to an entity’s gross greenhouse gas emissions reduced by the number of retired carbon credits.
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