The challenge of finding and extracting enough hydrocarbons to meet world demand is not getting any easier. It is not easy to find them, work out what’s there, how to get to it and how to keep it flowing once you have.
Meeting that challenge in a sustainable manner requires smart technology, systems and people.
Woodside’s oil and gas resources are located in remote, offshore fields. They are in cyclonic environments, sea bed temperatures are very low, pipelines are long and expensive and the available landfall locations are expensive places to build large gas processing plants.
Every year we spend more than A$165 million in technology and innovation-related activities as part of everyday business.
In addition, Woodside invested about A$13 million in 2010 directly on our Strategic Technology Plan.
We identified 11 areas in which we could research, develop, improve or invest in technology that could have a positive impact on Woodside’s company’s financial performance, delivery of community benefits, and reduction of environmental impacts.
Our focus was on LNG construction technologies, options for developing remote deepwater fields, detailed knowledge of meteorological and oceanographic (metocean) conditions, exploration and reservoir characterisation methods.
The plan includes Woodside-specific projects undertaken by our own staff, collaborative research with industry participants (large and small) and direct funding of university research, professorial chairs and other programs.
The innovation life cycle has three phases – discovery, development and deployment.