Woodside Petroleum Ltd. will invest $5 billion in new energy products by 2030 as it looks to cut emissions and tap into cleaner sources of fuel, Australia's biggest independent oil and gas company said on Dec. 8.
Companies are increasingly pivoting towards new energy and renewable sources as they race to decarbonize to meet emission targets and reduce reliance on fossil fuels, including LNG.
Chief Executive Meg O'Neill said at an investor briefing that Woodside expects LNG "to remain an important part of the energy mix in our region for decades to come," but highlighted the importance of new energy in supporting decarbonization goals.
"We expect that in the mid-2020s the transition to new energy will be underway, including the start-up of the first of our own projects," O'Neill said.
Woodside, which along with BHP Group gave a final go-ahead to their $12 billion Scarborough LNG project last month, has already announced four new energy projects in recent months.
These include a A$1 billion carbon-neutral hydrogen and ammonia production facility in Western Australia, as well as liquid hydrogen and solar projects in the United States.
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