The challenge of finding and extracting enough hydrocarbons to meet world demand is not getting any easier.
Most global reserves are now found in difficult environments including deep water, harsh climates, and unconventional reservoirs or are a long distance from markets and processing facilities.
Woodside is focused on bringing new solutions to complex and challenging environments by innovating faster, both technically and commercially, and with greater effect than our competitors.
We are developing, improving and investing in technology throughout the discovery, development and deployment innovation lifecycle. These activities focus on six strategic areas:
- Innovative LNG solutions
- Deepwater technology
- Subsurface technology
- New technology to improve production and safety
- Emerging and disruptive technology and innovation
- Artificial intelligence and advanced analytics.
In 2014 we invested A$45 million in our Strategic Technology Plan. This included projects by our people, collaborative research with industry participants (large and small) and direct funding of university research, professorial chairs and other programs.
Woodside's global exploration strategy presents new challenges for effective, safe and reliable hydrocarbon extraction, challenges that are best met by innovation and technology.
Our studies in 2014 focused on aggregating undeveloped oil resources, including Laverda and Cimatti, in the Exmouth sub-basin, focusing on maximising the use of existing infrastructure. The development is currently in the concept select phase.
In 2014 our world-class capabilities in liquefied natural gas (LNG) and subsea technology resulted in high reliability at the North West Shelf Project and Pluto LNG.
Advanced analytics has the potential to impact maintenance and productivity and is a key focus area for 2014/15.
We are pioneering a NearShore LNG concept providing an innovative alternative to onshore LNG with a smaller footprint and lower capital expenditure.
Pushing the boundaries – the Woodside Innovation and Technology Hub
To meet the future needs of the global oil and gas industry we are developing the Woodside Innovation and Technology Hub (WITH).
WITH will build a community of world-class innovators, enabling us to share knowledge and realise innovation and excellence.WITH will integrate current Woodside initiatives with industry, government, academic and research institutions under the three themes of ocean engineering, plant of the future and artificial intelligence and analytics. These areas will be underpinned by education, commercialisation and deployment in a purposeful, highly interactive physical and virtual space in Perth.
Over the coming months Woodside will be working to define the strategy, policies, projects, collaborative space and partners to realise WITH in 2015. Further information on the WITH concept can be found in the WITH Woodside brochure.