We believe rapid innovation Is crucial to our industry and we must be equipped to embrace disruptive change and seek the opportunities technology and innovation may bring, providing both Woodside and our partners shared benefits.
As the world becomes more interconnected, information, insights and ideas from disparate organisations can be quickly disseminated, shared and built on to deliver new solutions to old problems. We see an opportunity to accelerate innovation by collaborating with start-up companies that are able to quickly develop new techniques.
We believe collaborative innovation is key to future growth. And that's the premise of Woodside FutureLab.
During the year, we rolled out our FutureLab exchange program that encourages Woodside employees and our collaboration partners to connect and create value. This dynamic network is creating a world-class legacy of technology excellence and subject matter expertise.
Through [FutureLab], Woodside is building scientific and technological innovation via collaborations with local research institutions, start-ups, entrepreneurs and adjacent leading industries. Through these collaborations Woodside benefits from the solutions identified, whilst our partners received potential funding, technical support and financial benefits. The companies we collaborate with also receive benefits via the publication of industry and academic articles.
about how we are applying technology and innovation to unlock new energy markets, reduce operating costs and ensure our long-term sustainability.