Latest news with #LizWestcott
Yahoo
29-07-2025
- Business
- Yahoo
Woodside to assume operatorship of Bass Strait assets in Australia
Woodside has agreed to take over the operatorship of the Bass Strait assets in Australia following an agreement with ExxonMobil Australia (ExxonMobil). This strategic move has the potential to unlock further development of additional gas resources. The Bass Strait assets include the Gippsland Basin Joint Venture (GBJV) and the Kipper Unit Joint Venture (KUJV). Both Woodside and ExxonMobil Australia hold a 50% participating interest in the GBJV and a 32.5% participating interest in the KUJV, with Mitsui holding the remaining 35% participating interest. Natural gas produced from the Bass Strait assets is entirely supplied to the Australian domestic market, currently meeting around 40% of domestic gas demand on the east coast of Australia, including New South Wales, Northern Territory, Queensland, South Australia, Tasmania and Victoria. Integrating the operatorship of the Bass Strait assets into Woodside's managed portfolio enhances the company's presence in Australia while leveraging its operational capabilities. Upon completion, Woodside will take over the offshore Bass Strait production assets, the Longford Gas Plant, the Long Island Point gas liquids processing facility and related pipeline infrastructure. Woodside and ExxonMobil's equity interests in the assets, as well as their existing decommissioning plans and provisions, will remain unchanged. Woodside EVP and COO Australia Liz Westcott said: 'Taking operatorship of Bass Strait demonstrates Woodside's continued commitment to meeting Australia's domestic energy demand while maximising the value of existing infrastructure.' As the new operator, Woodside will assume responsibility for asset planning and execution activities, implementing a value maximisation strategy aimed at enhancing production and improving reliability. This strategic initiative integrates Woodside's established global operational capabilities with ExxonMobil's skilled workforce in the Bass Strait, who will be transitioning to Woodside. Furthermore, taking on the operatorship of a larger portfolio of assets in Australia is expected to generate economies of scale and yield more than $60m (A$92.24m) in synergies for Woodside from the Bass Strait, after accounting for transition and integration costs. The agreement also provides flexibility to realise future development opportunities that align with Woodside's capital allocation framework. ExxonMobil Australia chair Simon Younger said: 'After operating the Gippsland Basin Joint Venture for more than 50 years, we are proud to be handing over the reins and transitioning our highly experienced Bass Strait workforce to our valued partner Woodside, a world-class operator. 'We look forward to working with Woodside as it continues to maximise Gippsland Basin production.' Woodside has identified four development wells that have the potential to provide up to 200 petajoules of sales gas to the market. Under the agreement, Woodside can independently pursue these opportunities via the Bass Strait infrastructure, contingent upon further technical development and a final investment decision. This potential production has been identified within the current contingent resource opportunity portfolio. Completion of the agreement is anticipated in 2026, contingent upon the fulfilment of certain conditions including regulatory approvals. Earlier this month, Perenco acquired the Greater Angostura oil and gas assets in Trinidad & Tobago from Woodside Energy. "Woodside to assume operatorship of Bass Strait assets in Australia" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
29-05-2025
- Business
- Yahoo
Woodside grants approval for North West Shelf project extension in WA
Woodside and the North West Shelf Joint Venture have expressed their support for the Australian Federal Government's proposal to grant environmental approval for the North West Shelf project extension. This decision is set to provide certainty for the project's operations, which have undergone thorough assessments and appeals. Reuters reported that Woodside Energy is planning to extend the operational life of its North West Shelf gas plant until 2070. Woodside Australia executive vice-president and chief operating officer Liz Westcott said: 'This proposed approval will secure the ongoing operation of the North West Shelf and the thousands of direct and indirect jobs that it supports. 'This nationally significant infrastructure has supplied reliable and affordable energy to Western Australia [WA] for 40 years and international customers for 35 years and will be able to continue its contribution to energy security." The proposed federal conditions received by Woodside pertain to various aspects including the management of cultural heritage and air quality. In alignment with the State Government's approval in December 2024, the North West Shelf has committed to environmental management measures such as a reduction in air emissions and strategies to manage and gradually reduce greenhouse gas emissions. The conditions also stipulate meaningful consultation with traditional owners, ensuring compliance with air quality objectives and standards as part of the Murujuga Rock Art Monitoring Programme. Westcott added: 'Since starting operations in 1984, the North West Shelf Project has paid over A$40bn [$25.76bn] in royalties and taxes, and supported regional development opportunities in the Pilbara.' The North West Shelf project has been a significant contributor to WA's energy supply, providing more than 6,000PJ of domestic gas, which could power a city the size of Perth for approximately 175 years if used solely for household electricity, Woodside said. For more than four decades, the project has generated over A$40bn in royalties and excise, created employment and contracting opportunities in the Pilbara and across WA. It has invested more than A$300m in social and community infrastructure within the city of Karratha. "Woodside grants approval for North West Shelf project extension in WA" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
West Australian
28-05-2025
- Business
- West Australian
‘See you in Court': Call on North West shelf draws disparate takes from green groups and industry backers
The oil and gas industry says the decision to keep Woodside Energy's LNG plant on the Burrup Peninsula until 2070 proves there is appreciation for gas as a transition fuel, while conservationists have blasted Labor's verdict as 'deeply disappointing'. Woodside welcomed the decision by the Federal Government and confirmed it had received the proposed conditions relating to cultural heritage and emissions management for the North West Shelf. The company said it was working through to 'understand their application'. 'This nationally significant infrastructure has supplied reliable and affordable energy to Western Australia for 40 years and will be able to continue its contribution to energy security,' Woodside executive Vice President Liz Westcott said. Australia's recently appointed Environment Minister Murray Watt on Wednesday granted Woodside permission to keep running Australia's largest liquefied natural gas processing plant for another 50 years. The oil and gas business now has 10 days to decide whether it accepts the conditions which have not yet been made public. Australian Energy Producers chief Samantha McCulloch said the approval was 'certainly welcome' and proof there had been 'a shift in understanding and appreciation' of gas 'at all levels of government'. Chamber of Commerce and Industry WA chief Peter Cock said the Federal Government's call was 'ultimately the right one' but argued six years was an unacceptable time for a project of such scale to be in limbo. 'The companies that back major projects like this need certainty. It is simply not rigorous or efficient to have State and Federal approvals for projects like this duplicated and running on different timelines,' he said. Supermajor Shell, which owns nearly 17 per cent of the North West Shelf, welcomed the verdict. 'The proposed approval provides much needed certainty for ongoing operations. . . We appreciate the decision being made within the committed timeframe.' Woodside first lodged approvals to extend the life of the operation in 2018 in a lengthy process complicated by several legal challenges, backlogged State approvals systems, the complexity and emissions of the project and Woodside pausing progress during the pandemic. Mardathoonera woman Raelene Cooper, who was previously chair of the Murujuga Aboriginal Corporation and is opposed to the extension, kept her response brief. 'See you in Court,' she said in a statement. A report released less than a week ago by Curtin University and WSP warned nearby Murujuga rock art believed to be thousands of years old had likely been impacted by historical emissions from the site, but claimed the gas plant's emissions could be kept to a level that would protect the art going forward. Ms Cooper has nonetheless been calling on Senator Watt to review a Section 10 Indigenous heritage application about the rock art before deciding on the Karratha plant's future. Conversation Council of WA executive director Matt Roberts said Labor had been elected with a mandate to take action on climate and that its decision to back the project was 'deeply disappointing'. 'They cannot keep approving polluting projects for the benefit of shareholders and pretend they are serious about taking action on climate and the environment,' he said. WA Greens Climate Change Spokesperson Sophie McNeill claimed Labor was ignoring 'traditional custodians, scientists, independent experts and the communities they were elected to represent'. WA's DomGas Alliance, which represents the interests of Alcoa of Australia, Coogee Chemicals and Wesfarmers Chemicals, said it wanted to see the benefit of the extension flow through to the State instead of offshore. 'Gas producers have a responsibility to earn and maintain a social licence to operate. Woodside must honour its obligations and ensure the benefits of WA's gas reserves stay in WA,' Alliance spokesperson Richard Harris said. Australian Workers Union national secretary Paul Farrow said Minister Watt's decision 'correctly prioritised' keeping well-paid union jobs in WA and securing a supply of gas to Western Australians while more renewables projects took shape. 'Today's decision to maintain a stable, operational project employing well over a thousand hydrocarbons workers in well-paid jobs is a victory for common sense and allows our members to continue their important work for years to come,' he said. Fortescue Metals chief executive Dino Otranto argued the idea Australia could lock in fossil fuel projects until 2070 while claiming progress towards net zero was concerning. 'The extension of the North West Shelf cements decades of continued fossil fuel dependence at a time when we should be accelerating towards real zero emissions,' he said. 'Extending high-emitting projects like the North West Shelf is not a credible long-term climate solution – it's a step backward.'
Yahoo
06-05-2025
- Business
- Yahoo
Woodside Energy to sell further 20–30% stake in its Louisiana LNG project
Woodside Energy, Australia's leading natural gas producer, has announced its intention to sell an additional 20–30% stake in the Louisiana LNG project. The move follows final approval of the $17.5bn initiative last week, which has since sparked increased interest, reported Reuters. Liz Westcott, chief operating officer for Australia at Woodside, stated that the sell-down of the company's wholly owned holding company for the project would help achieve its target of maintaining a 50% stake. 'Our goal will be to sell down in the order of 20–30% of Hold Co. That will give us a targeted investment capital of around 50%,' she conveyed at the Macquarie Australia Conference. The final investment decision for Louisiana LNG was made against the backdrop of a supportive US administration and demand from Europe and Asia, with the company expecting a 13% internal rate of return and a seven-year payback period. The project is scheduled to deliver first gas in 2029 and is projected to generate around $2bn in annual net operating cash in the 2030s. Woodside's approval came on the heels of an agreement to divest a 40% stake in the project's infrastructure company to Stonepeak, which will contribute $5.7bn towards the capital costs. The interest in partnerships has grown since the project's approval, with Westcott noting the company's approach to securing the right partners while also progressing the project. 'We are going to be patient and make sure we get the right parties, but we are also keen to move along as well,' Wescott added. The Louisiana LNG project, which includes three trains with a combined capacity of 16.5 million tonnes per annum (mtpa), is a significant venture for Woodside. It is expected to boost the company's global LNG supply capacity to approximately 24mtpa in the 2030s, representing more than 5% of the global LNG supply. "Woodside Energy to sell further 20–30% stake in its Louisiana LNG project" was originally created and published by Offshore Technology, a GlobalData owned brand.
Reuters
06-05-2025
- Business
- Reuters
Woodside seeking to sell another 20%-30% of Louisiana LNG, COO says
SYDNEY, May 6 (Reuters) - Woodside Energy ( opens new tab, Australia's top natural gas producer, said on Monday it would seek to sell a further 20%-30% stake in its $17.5 billion Louisiana LNG project. Liz Westcott, chief operating officer for Australia, told the Macquarie Australia Conference the selldown of its holding company would to allow Woodside to achieve its 50% target. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. Woodside gave the final go-ahead for Louisiana LNG last week.
