Woodside Energy expects its sales of oil and gas to climb 50 per cent by 2032 to meet increased power demand globally.
During the company’s Capital Markets Day, Woodside CEO Meg O’Neill said the company expects sales to rise to 300 million barrels of oil equivalent (boe)per year, from 203.5 million boe a year in 2024. .
Woodside aims for AU$9 billion in net operating cash flow in 2032.
O’Neill said: “Over the next decade, with disciplined capital management, we will execute our strategy by maximising performance from our base business, delivering cash-generative projects to sustain and grow the business and creating the next wave of future opportunities for long-term returns for our shareholders.”
“Our strategy is supported by ongoing robust global demand for our products.
“Woodside’s major growth projects will capitalise on this demand, with the Beaumont New Ammonia project expecting first ammonia this year, the Scarborough Energy Project on track to begin LNG shipments in the second half of next year, the offshore Mexico Trion field targeting first oil in 2028, and Louisiana LNG targeting start-up in 2029.
Oil is expected to continue playing a significant role in the global energy mix, and gas demand is expected to grow with liquified natural gas (LNG) playing an increasing role in the global energy mix.
“With global LNG demand forecast to grow 60 per cent by 2035, Woodside’s increasing scale across the Atlantic and Pacific basins, combined with our marketing and trading business, optimises our capability to meet customer needs,” O’Neill said.
The presentation highlighted LNG as a strategic commodity that can displace higher-emissions coal. Southeast Asia’s economic growth supports LNG demand, while gas demand in China is growing across all sectors.
