Australia’s Woodside (WPL) to invest $3.6bn in new energy
07:46, 8 December 2021
Australian energy major Woodside Petroleum closed over 2% higher on Wednesday after the company announced that it aims to invest AUD5bn ($3.6bn) in new energy markets by 2030.
Woodside chief executive Meg O’Neill said the investment will help Woodside emerge as “an early mover” in the new energy market, even though the company expects liquified natural gas to remain an important part of the energy mix.
The multibillion-dollar investment will add to the company’s recently announced hydrogen production projects in the US and Australia.
Hydrogen production projects
On Tuesday, Woodside said it secured land in Oklahoma, US for the construction of a facility, which will use electrolysis to produce up to 90 tonnes per day of liquid hydrogen for the heavy transport sector.
Woodside added that it is progressing similar land acquisition opportunities in the US.
“We have a vision to build a low cost, lower carbon, profitable, resilient and diversified portfolio. Woodside aims to do this by leveraging our world-class Tier 1 portfolio and allocating capital to the right opportunities at the right time,” O’Neill said on Wednesday.