Australia’s Woodside Energy reports strong growth amid strategic focus on core assets

January 22, 2025 — Woodside Energy, a global energy company founded in Australia, announced robust quarterly results that underscore the company's commitment to its growth strategy, marked by enhancing focus on high-value core assets. In the latest press release, CEO Meg O’Neill detailed how Woodside's strategic moves positioned the company for ongoing success, even as the global energy landscape evolves.

Woodside has oil and gas assets and interests in Australia, the Gulf of Mexico, the Caribbean, Senegal, and Timor-Leste.

"Our high-quality assets continued to deliver outstanding performance in the quarter, underpinned by Sangomar producing 75,000 barrels of oil equivalent per day at 95% reliability, driving record annual production of 194 million barrels of oil equivalent," O’Neill stated.

Woodside’s Sangomar field in Senagal contains both oil and gas. Work on the Sangomar field development started in 2020 and Woodside achieved first oil production in June 2024. Sangomar field development is located about 100km offshore south of the capital and is Senagal’s first oil project.

Woodside also experienced strong contributions from the Mad Dog field, an offshore oil field in the Gulf of Mexico, which achieved peak production levels.

Notably, the company announced significant progress with its Scarborough Energy Project, a natural gas field off the coast of Western Australia. The project is on track for its first liquefied natural gas (LNG) output in 2026.

The transition of the Trion Project, company’s first oil project in the Gulf of Mexico, into the construction phase marked another milestone for Woodside, with plans for first oil production slated for 2028.

Looking to the future, Woodside reported advancements in its recently acquired Louisiana LNG development, securing an engineering, procurement, and construction contract with Bechtel aimed at supporting a final investment decision by early 2025. “It is encouraging to see the growing level of support for LNG opportunities in the US from capital markets,” remarked O’Neill.

Oil and gas companies around the world are under increasing pressure from shareholders, the public, and from governments to cut down emissions from their operations. Many companies world-wide have set emission reduction targets to achieve net zero emissions.

“Conducting our business sustainably underpins our strategy to thrive through the energy transition. Preliminary data shows a 14% reduction in our net equity Scope 1 and 2 emissions in 2024, from our stated starting base. Whilst we are on track to meet our scope 1 and 2 net reduction targets, with the strong start-up of Sangomar, our absolute emissions did increase in 2024. We remain committed to take actions to decarbonise our assets and this has become part of how we run our business every day”, the CEO said.

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