By David Winning
SYDNEY--Woodside Petroleum Ltd. said it aims to invest US$5 billion by 2030 in energy markets that are emerging as countries seek to reduce their carbon emissions.
Woodside outlined the target at its investor day on Wednesday, and it comes in the wake of initial deals focused on developing hydrogen as a fuel in Australia and the U.S.
Still, the Perth-based company said liquefied natural gas has a key role to play in the Asia-Pacific region for decades to come, as energy consumers shift away from coal and seek to balance the intermittent generation from renewable power sources.
Woodside, which is in the process of combining with BHP Group Ltd.'s oil-and-gas business, is planning to build a facility near Kwinana in Western Australia state that can produce hydrogen and ammonia. It also plans a facility in northern Tasmania state that initially would produce hydrogen and 200,000 metric tons of ammonia annually.
"Our projects are designed to be phased, starting small with the potential to build scale," said Chief Executive Meg O'Neill. "In each case the project location has been chosen for specific reasons, preferably near available renewables or close to market, ensuring they are customer led."
On Tuesday, Woodside said it had secured a lease and option to purchase 94 acres of vacant land in Ardmore, Oklahoma, for the future development of a modular hydrogen facility.
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(END) Dow Jones Newswires