Australia's Woodside to invest more in new energy market

The CEO of Australia's mining company, Woodside, Meg O’Neill told investors that the company would invest US $5 billion in emerging new energy markets by 2030. 

“We expect LNG to remain an important part of the energy mix in our region for decades to come, both as a lower-carbon source of fuel for coal-dependent countries and as convenient firming capacity for renewables,” O’Neill said at an investors briefing. 

“We have a vision to build a low cost, lower carbon, profitable, resilient and diversified portfolio.” she said. 

Woodside said that they want to build this diversified portfolio by leveraging their “world-class Tier 1” portfolio and allocating capital to the right opportunities at the right time. 

Woodside announced it will acquire the entire share capital of BHP Petroleum International Pty Ltd  on August 17th 2021  in exchange for new Woodside shares.

O’Neill said in the investor briefing that she is confident that the shareholders will back the decision. The vote will take place in the second quarter of 2022.

“The rationale for the merger with BHP’s petroleum business is compelling. After completion, Woodside will have a larger, diversified portfolio of long-life assets and increased cash generation to build resilience and support future investment and shareholder returns,” she said.