Woodside is Australia’s largest exporter of natural gas. Natural gas has a key role in transitioning the world to a low emissions economy, as it has the potential to displace higher emitting fossil fuels.
Climate change legislation and policy
Following the repeal of the Clean Energy Act 2011 (Cth) in July 2014, Woodside is no longer incurring carbon liability associated with its activities. Woodside met all of its obligations for the 2014 financial year, including paying its final carbon liability of approximately A$32.6 million (Woodside share).
The Australian Government’s Emissions Reduction Fund, the centrepiece of the Government’s climate action policy, passed into legislation in November 2014. Woodside supports an effective greenhouse gas regulatory regime that can achieve Australia’s international climate change commitments.
Greenhouse gas emissions
Woodside’s greenhouse gas emissions are predominantly associated with power generation, venting of reservoir CO2 and flaring. During 2014, we continued to focus on improving operational reliability, reducing flaring and improving energy efficiency; however, our greenhouse gas emissions were higher than in 2013, as a result of higher hydrocarbon production. We will continue to focus on improving operational reliability, reducing flaring and improving energy efficiency to reduce greenhouse gas emissions.