Leslie Massey
Woodside Petroleum Ltd, now known as Woodside Energy Group Ltd, is an Australian petroleum exploration and production company. Woodside is the largest independent dedicated oil and gas company in Australia and is a public company listed on the Australian Securities Exchange. Woodside Petroleum has a history of facing opposition from the Australian government and watchdog groups for various reasons, including allegations of bribery and corruption in Mauritania, underpaying foreign workers, and making deceptive public statements about emissions trading. Despite these controversies, Woodside has received strong interest from companies for a stake in its natural gas projects, such as the Scarborough natural gas project off the coast of Western Australia.
| Characteristics | Values |
|---|---|
| Company Name | Woodside Petroleum Ltd/ Woodside Energy Group Ltd |
| Type of Company | Public Company |
| Headquarters | Perth, Western Australia |
| Date of Incorporation | 26 July 1954 |
| Company Ranking | 1328th-largest public company in the world (2020) |
| Shareholders | 52% Woodside, 48% BHP (as of June 2022 merger) |
| Operations | Oil and Gas Production |
| Areas of Operation | Western Australia, Eastern Australia, Timor-Leste, Senegal |
| Projects | Pluto LNG, Burrup Hub, Scarborough Gas Project |
| Issues | Bribery and Corruption Allegations, Underpayment of Workers, Environmental Concerns |
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Woodside Energy Group Ltd is Australian-owned
Woodside Energy Group Ltd (formerly Woodside Petroleum Ltd) is an Australian petroleum exploration and production company. Woodside is the operator of oil and gas production in Australia and is also Australia's largest independent dedicated oil and gas company. Woodside owns and operates a number of oil developments offshore Western Australia, including the Ngujima-Yin FPSO, the Pyrenees FPSO, and the Okha FPSO. Woodside was incorporated on 26 July 1954 and was originally established as Woodside (Lakes Entrance) Oil Co NL, a no-liability company (NL), and named after the small town of Woodside, Victoria.
Woodside is a public company listed on the Australian Securities Exchange and has its headquarters in Perth, Western Australia. In the 2020 Forbes Global 2000, Woodside was ranked as the 1328th-largest public company in the world. Woodside is also the pioneer of the Liquefied Natural Gas (LNG) industry in Australia and operated 6% of the global LNG supply in 2019.
Woodside has been involved in several controversies and investigations. In 2006, the Australian Federal Police investigated the company for allegations of bribery and corruption in Mauritania. In 2011, Australia's Fair Work Ombudsman began an investigation into claims that foreign workers were underpaid on two of Woodside's oil rigs. Woodside has also faced opposition to some of its projects, such as the Pluto LNG project, due to environmental and cultural concerns.
Despite these controversies, Woodside plays a significant role in Australia's oil and gas industry and has recently expanded its operations globally. In June 2022, Woodside merged with BHP's Petroleum assets, creating a larger and more resilient company with a combined value of around $40 billion. The merged business is majority-owned by existing Woodside shareholders (approximately 52%), with BHP shareholders owning the remaining 48%.
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Woodside Petroleum's shareholders
Woodside Petroleum Ltd, now known as Woodside Energy Group Ltd, is an Australian petroleum exploration and production company. Woodside is the operator of oil and gas production in Australia and is also Australia's largest independent dedicated oil and gas company. Woodside Energy Group Ltd is a public company listed on the Australian Securities Exchange (ASX) and has its headquarters in Perth, Western Australia. Woodside was incorporated on 26 July 1954 and was originally established as Woodside (Lakes Entrance) Oil Co NL, a no-liability company (NL), and named after the small town of Woodside, Victoria.
In 1962, the company recruited Nicholas Boutakoff as chief geologist, who turned the company's activities towards Western Australia. Woodside then joined up with Shell and Burmah Oil to form the original North West Shelf Venture. BHP later replaced Burmah, and with Shell, each became a 40% shareholder in Woodside in 1985. BHP reduced its shareholding to 10% in July 1990 and sold its remaining shares in October 1994. In 2001, Shell sought to buy out the remaining portion of the company, but the takeover move was blocked by the Treasurer of Australia, Peter Costello, on national interest grounds.
In 2022, Woodside Petroleum's shareholders voted for a merger with BHP Group's petroleum arm to create a top 10 global independent oil and gas producer worth $40 billion. The merged business is owned approximately 52% by existing Woodside shareholders and 48% by BHP shareholders. Woodside retains its primary listing on the ASX and has a standard listing on the London Stock Exchange (LSE) and a sponsored Level III American Depository Receipt (ADR) program on the New York Stock Exchange (NYSE).
Woodside Petroleum has received strong interest from companies for a stake in the Scarborough natural gas project it is developing off Western Australia. Woodside is supporting new opportunities in one of Australia's most important offshore oil and gas regions, developing much-needed new gas supplies to Eastern Australia. Woodside is also the largest Australian natural gas producer and operated 6% of the global LNG supply in 2019.
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Woodside's Australian operations
Woodside Energy Group Ltd (formerly Woodside Petroleum Ltd) is an Australian petroleum exploration and production company. Woodside is the operator of oil and gas production in Australia and is also Australia's largest independent dedicated oil and gas company. Woodside was incorporated on 26 July 1954 and was originally established as Woodside (Lakes Entrance) Oil Co NL, a no-liability company named after the small town of Woodside, Victoria.
Woodside has exploration, development, and operating activities in Australia and several other countries. Within Australia, Woodside operates a number of liquefied natural gas projects and oil fields, including the Enfield, Vincent, and Pyrenees oil fields offshore from Exmouth in Western Australia. Woodside also has a hand in the Scarborough gas field, 375 km off the Pilbara coast, and the Pluto LNG processing facility near Karratha. Woodside owns and operates several oil developments offshore Western Australia, including the Ngujima-Yin FPSO, the Pyrenees FPSO, and the Okha FPSO. Woodside Energy Group also has the Burrup Hub, the largest fossil fuel project currently proposed in Australia, involving the extraction of six untapped gas fields and the drilling of 84 wells off the Western Australian coast.
The Greater Sunrise gas development in the Timor Sea, north of Australia, includes the Sunrise and Troubadour fields, approximately 80% of which lie within Australian waters. Woodside is the operator with a 33.4% share, with ConocoPhillips at 30%, Shell at 26.6%, and Osaka Gas at 10%. Woodside is also a pioneer of the Liquefied Natural Gas (LNG) industry in Australia, operating 6% of the global LNG supply in 2019.
Woodside has faced opposition to some of its projects, including the Pluto LNG project, which involved plans to build an onshore processing plant on the Burrup Peninsula in Western Australia, an area of significant cultural importance. The company has also been accused of making deceptive public statements to obtain free carbon permits and has been investigated for allegations of bribery and corruption in Mauritania.
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Woodside's global operations
Woodside Energy Group Ltd (formerly Woodside Petroleum Ltd) is an Australian petroleum exploration and production company. Woodside is the operator of oil and gas production in Australia and is also Australia's largest independent dedicated oil and gas company. Woodside owns and operates a number of oil developments offshore Western Australia, including the Ngujima-Yin FPSO, the Pyrenees FPSO, and the Okha FPSO. Woodside was incorporated on 26 July 1954 and was originally established as Woodside (Lakes Entrance) Oil Co NL, a no-liability company, and named after the small town of Woodside, Victoria.
In addition to its Australian operations, Woodside has been involved in several international projects and initiatives. In 2004, Woodside agreed to invest US$600 million in developing Mauritania's Chinguetti offshore oil project. However, amendments to the oil contract led to controversy, and the company faced allegations of bribery and corruption in Mauritania in 2006. Woodside has also faced opposition to some of its projects, such as the Pluto LNG project, due to environmental and cultural concerns.
Woodside is committed to environmental and social responsibility and has set targets to reduce its net equity Scope 1 and 2 emissions by 15% by 2025 and to achieve net-zero equity Scope 1 and 2 emissions by 2050. The company supports community initiatives such as the Perth Queer Film Festival and the protection of Aboriginal cultural heritage in the Murujuga Cultural Landscape. Woodside is also a global energy company that provides energy to the world, helping to heat and cool homes, keep lights on, and support industries.
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Woodside's history
Woodside Energy Group Ltd, formerly Woodside Petroleum Ltd, is an Australian petroleum exploration and production company. Woodside is the operator of oil and gas production in Australia and is also Australia's largest independent dedicated oil and gas company. Woodside Energy Group also has the Burrup Hub, the largest fossil fuel project currently proposed in Australia. Woodside owns and operates a number of oil developments offshore Western Australia, including the Ngujima-Yin FPSO, the Pyrenees FPSO, and the Okha FPSO. Woodside was incorporated on 26 July 1954 and was originally established as Woodside (Lakes Entrance) Oil Co NL, a no-liability company, and named after the small town of Woodside, Victoria.
In 1962, the company recruited Nicholas Boutakoff as chief geologist, who turned the company's activities towards Western Australia. He correctly hypothesised that the North West Shelf contained petroleum reserves, and in the same year, Woodside applied for exploration licences over a large offshore area. Woodside subsequently joined up with Shell and Burmah Oil to form the original North West Shelf Venture. BHP later replaced Burmah, and with Shell, each became a 40% shareholder in Woodside in 1985. BHP reduced its shareholding to 10% in July 1990 and sold its remaining shares in October 1994. In 1995, Woodside moved its head office from Melbourne to Perth.
In 2006, the Australian Federal Police were investigating Woodside for allegations of bribery and corruption in Mauritania. In 2006–2007, as part of the Pluto LNG project, Woodside faced opposition over plans to build an onshore processing plant on the Burrup Peninsula in Western Australia, as the site is home to significant petroglyphs up to 30,000 years old. In 2009, Australia's Fair Work Ombudsman began an investigation into claims that foreign workers were underpaid on two North West Shelf oil rigs operated by Woodside Petroleum.
In 2022, Woodside Petroleum merged with BHP Group's petroleum arm to create a top 10 global independent oil and gas producer worth $40 billion. The merged business is owned approximately 52% by existing Woodside shareholders and 48% by BHP shareholders. Woodside Petroleum has received strong interest from companies for a stake in the Scarborough natural gas project it is developing off Western Australia.
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Frequently asked questions
Woodside Petroleum, now known as Woodside Energy Group Ltd, is an Australian petroleum exploration and production company. It is a public company listed on the Australian Securities Exchange and has its headquarters in Perth, Western Australia.
Woodside is the operator of oil and gas production in Australia and is also Australia's largest independent dedicated oil and gas company. Woodside owns and operates a number of oil developments offshore Western Australia. Woodside is also the largest Australian natural gas producer, operating 6% of the global LNG supply in 2019.
Woodside was incorporated on 26 July 1954 and was originally established as Woodside (Lakes Entrance) Oil Co NL, a no-liability company. The company was named after the small town of Woodside, Victoria. In 1962, Woodside recruited Nicholas Boutakoff as chief geologist, who turned the company's focus towards Western Australia. Woodside has since expanded and merged with other companies, including BHP Group, to become a global energy company.
