Woodside Energy marked a significant milestone in its global energy operations by completing the sale of a 10% stake in the Scarborough Joint Venture to LJ Scarborough Pty Ltd, a subsidiary of LNG Japan, for a sum of US$910 million. This move, finalized following Woodside’s strategic announcement on August 8, 2023, enhances the collaborative energy landscape, embedding equity, potential LNG offtake, and new energy opportunity collaboration between the entities.
LNG Japan
Meg O’Neill, CEO of Woodside, heralded the sale as a pivotal achievement, underscoring LNG Japan’s commitment to securing gas as a cornerstone for energy transition. “This sale is not just a transaction but a testament to the trust and value our partners place in us as we steer towards our first LNG cargo from Scarborough by 2026,” O’Neill stated, highlighting the broader implications for energy security and sustainability.
The transaction, which saw Woodside’s direct holdings in the Scarborough venture reduce to 90%, precedes a further dip to 74.9% following a deal with JERA. The sale’s completion on March 26, 2024, led to adjustments in reported reserves, notably a reduction in Scarborough field proved and probable undeveloped reserves to 1,158.3 MMboe and 1,809.7 MMboe, respectively.
Woodside Energy Meg Oneill. image c/o Woodside.
Scarborough Strategic Importance
Scarborough’s strategic importance lies in its vast gas reserves, positioned 375 km off Western Australia’s coast, renowned for their low carbon dioxide content. Woodside continues its role as the pivotal operator of the Pluto LNG facility, crucial for processing Scarborough gas, alongside ongoing development of Pluto Train 2.
New Woodside Partnership
In parallel, Woodside announced a partnership in February 2024 with JERA, marking the sale of a 15.1% stake in the Scarborough Joint Venture. This series of strategic divestments and partnerships underscores the company’s dedication to enhancing global energy security through its extensive gas reserves and infrastructure projects.
LNG Japan, represented by LJ Scarborough Pty Ltd, is a joint venture between major global entities Sumitomo Corporation and Sojitz Corporation, with JOGMEC holding a significant share. This collaboration represents a confluence of international expertise and resources aimed at bolstering energy security and environmental stewardship.
As Woodside navigates the complex terrain of global energy supply and sustainability, these strategic moves underscore a commitment to fostering international partnerships, enhancing energy security, and paving the way for a sustainable energy future.
CEO Meg O’Neill
Meg O’Neill stands at the helm of Woodside Energy as its Chief Executive Officer, a role she has held since April 2021. O’Neill’s leadership marks a pivotal period in Woodside’s history, steering the company through the complexities of the global energy transition while ensuring its position as a leader in the liquefied natural gas (LNG) sector. With a career that spans various facets of the energy industry, O’Neill brought to Woodside a wealth of experience from her previous roles, including significant positions at ExxonMobil and its various global subsidiaries.
Her expertise in the energy sector is underpinned by a strong academic background, including a Bachelor of Science in Chemical Engineering from Princeton University and an MBA from the Kellogg School of Management at Northwestern University. This foundation equipped her with a unique blend of technical knowledge and business acumen, enabling her to navigate through the challenges and opportunities presented by the evolving energy market.
Under O’Neill’s stewardship, Woodside emphasized sustainability and innovation, aiming to balance the growing global demand for energy with the urgent need for environmental stewardship. She was instrumental in driving the company’s commitment to reducing carbon emissions and exploring renewable energy ventures, all while maintaining the company’s core focus on its LNG operations. O’Neill’s leadership is characterized by a forward-looking approach, focusing on strategic partnerships, technological advancements, and operational excellence to secure Woodside’s future in a rapidly changing energy landscape.
Meg O’Neill’s vision for Woodside extends beyond mere profitability; it encompasses a broader commitment to contributing positively to the global energy transition. Her approach to leadership, marked by a commitment to safety, sustainability, and integrity, reflects the values at the core of operational philosophy. As the energy sector stands at the crossroads of change, O’Neill’s leadership is pivotal in guiding the company towards a future where it continues to play a significant role in providing energy solutions that are both sustainable and reliable.
It has been 10 years since Woodside Petroleum explored the Toro-1 well, in the Mungaroo Formation, just over 80km off Western Australia’s coast, in the Exmouth Sub-Basin.
At that time, wireline logging confirmed the presence of a gas column through pressure measurements and gas sampling. They drilled down to 3724 metresand found 150 metres gross gas, 65 metres net.
Toro is located in Western Australia’s Exmouth Sub-Basin, within 22km of their Ragnar-1A discovery.
