Latest news with #WoodsideEnergyGroupLtd.
Mint
3 days ago
- Business
- Mint
Australia's Gas Sector Scores Win in Wider Push to Ease Red Tape
(Bloomberg) -- Australia's natural gas sector secured a long-awaited regulatory victory with permission to extend the life of the nation's biggest export plant, but the industry is still grappling with policy uncertainty that it says hampers investment. The Woodside Energy Group Ltd.-operated North West Shelf project received provisional clearance on Wednesday to run to 2070 after a process that lasted more than six years. However, many other multibillion-dollar gas projects planned over the next decade are still waiting for approvals from state or federal government agencies. 'It's an encouraging early sign, but the industry wants to see more action on approval reform before their appetite returns to Australia,' said Saul Kavonic, an energy analyst at MST Marquee. 'Things that used to take months still take years.' Stricter policies and legal challenges from environmental and indigenous groups have held up Australian gas developments, which are a major contributor to the nation's status as one of the biggest per-capita polluters. Investment in gas exploration in Australia has grown by just 15% in the past five years, compared with almost 30% globally, industry consultant Wood Mackenzie said in a report this week. The nation's share in the investment portfolio of major international oil companies has fallen to 15% from more than 40% just over a decade ago, it said. ExxonMobil Corp. has paused investments in recent years due to the regulatory instability, Australia Chair Simon Younger said in Brisbane this week. Meanwhile, Chevron Corp.'s Australia President Balaji Krishnamurthy stressed the importance of consistent policies that can endure over time at the industry gathering. 'There is a bit of alphabet soup in the energy space, and if the government is wanting to simplify that and have sharper delineation of roles and responsibilities, I think that would be welcomed by the industry,' Woodside Chief Executive Officer Meg O'Neill said at the Australian Energy Producers Conference conference. The extension of North West Shelf will allow Woodside to seek sign-offs on Browse, an ambitious plan to send gas from massive offshore reserves to the liquefied natural gas plant. The company has amended that project, which is being assessed by Western Australia's Environmental Protection Agency, to limit its impact on a major reef system. The approval of the extension also comes in the same month Prime Minister Anthony Albanese's Labor Party was resoundingly reelected, defying some forecasts that he would need support from the Greens or climate-focused independents to form government. Albanese has said the nation will need more gas to support renewables and to help the country meet its net zero commitments. 'I think I can speak for all my colleagues in the industry, we're all ready to invest,' Kevin Gallagher, the CEO of gas producer Santos Ltd., said at the conference. 'If we get the policy certainty, the regulatory clarity and stability that we need, we're all ready to invest.' More stories like this are available on
Bloomberg
17-03-2025
- Business
- Bloomberg
Woodside Signs 15-Year LNG Supply Deal with Chinese Gas Firm
Woodside Energy Group Ltd. has signed an agreement with China Resources Gas International to send liquefied natural gas to the Asian country, the first binding supply deal for the fuel between Chinese and Australian companies in years. Australia's Woodside will provide about an annual 600,000 tons of LNG over 15 years on a delivered basis, starting from 2027, the company said in a statement on Monday. The move also comes as Chinese firms are reluctant to procure additional gas from the US, the biggest exporter, after Beijing implemented tariffs on fuel from the US last month.
Yahoo
25-02-2025
- Business
- Yahoo
Woodside Net Profit More Than Doubles as Output Rises to Record
(Bloomberg) -- Woodside Energy Group Ltd.'s net income more than doubled as the Australian liquefied natural gas producer's output rose to a record. Trump Targets $128 Billion California High-Speed Rail Project Trump Asserts Power Over NYC, Proclaims 'Long Live the King' NYC's Congestion Pricing Pulls In $48.6 Million in First Month Airbnb Billionaire Offers Pre-Fab Homes for LA Fire Victims As Visitors Discover Ghent, the City Is Trying to Prevent a Tourism Takeover Net income for 2024 was $3.57 billion, up from $1.66 billion a year earlier, the Perth-based company said Tuesday. That beat a consensus estimate of $3.36 billion. Production rose 4% to 194 million barrels of oil equivalent. 'In 2024, the record annual production was at the top end of the full-year guidance range, underpinned by consistently strong 98% reliability at our operated LNG facilities,' Chief Executive Officer Meg O'Neill said. Production guidance for this year was kept at 186 to 196 million barrels, of which about 40% is LNG. Underlying profit fell 13% from a year earlier to $2.88 billion. The company is still progressing toward readiness for a final investment decision on its Louisiana LNG project in the US this quarter and is 'attracting interest from high-quality partners,' O'Neill said. Subscribe to The Bloomberg Australia Podcast on Apple, Spotify, on YouTube, or wherever you listen Walmart Wants to Be Something for Everyone in a Divided America Meet Seven of America's Top Personal Finance Influencers Why Private Equity Is Eyeing Your Nest Egg Can Dr. Phil's Streaming Makeover Find an Audience in the MAGA Era? How Med Spas Conquered America ©2025 Bloomberg L.P. Sign in to access your portfolio
