Woodside targets $7b investment in clean energy by 2030

Woodside Petroleum has set a new target to invest $US5 billion ($7.2 billion) in emerging new energy this decade as the oil and gas producer works to enhance its strategy for weathering the transition to low-carbon energy.

Investments would be made in Woodside’s growing portfolio of opportunities in the low-carbon energy space, which include hydrogen and solar thermal power.

Chief executive Meg O’Neill said while Woodside expects LNG to remain important in the energy mix “for decades to come”, the investment “is aimed at positioning Woodside as an early mover in this evolving market and supporting the decarbonisation goals of our customers”.

The initiative was announced ahead of Woodside’s investor briefing later on Wednesday, when Ms O’Neill will update the market on strategy and outlook, including for the recently approved $16.5 billion Scarborough gas project in Western Australia and the proposed $41 billion merger with BHP’s petroleum business.

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