Energy giant Woodside will move forward on the Scarborough gas project off the northwest coast of Western Australia after giving final approval to the project.
The Scarborough $ 16.2 billion project is a joint venture between Woodside and BHP and the announcement posted on ASX Monday afternoon also confirms the two companies have agreed to a $ 40 billion merger of their oil activities, creating one of the largest fossil fuel companies in the world.
The oil and gas field will be one of the largest fossil fuel projects in Australia over the past decade and has been called a disaster by environmentalists.
The field is located 375 km off the west coast of Australia and will consist of eight wells drilled during the initial phase, of which 30 will be drilled during its life. A 430 km pipeline will connect it to the mainland, and the Pluto LNG processing facility near Karratha will be expanded to handle the increase in capacity as production is expected to begin in 2026.
Woodside chief executive Meg ONeill said the project would mark a transformative moment for the company and insisted it would be a low-carbon gas source.
The Scarborough reservoir contains only about 0.1% carbon dioxide, and the Scarborough gas processed by the efficient and expanded Pluto LNG facility supports the decarbonization goals of our customers in Asia, ONeill said.
Growing Scarborough provides value to Woodside shareholders and significant long-term benefits at the local and national levels, including thousands of jobs, tax revenues and the supply of gas to export and national markets for decades to come. .
BHP chief executive Mike Henry said the merger would bring value to the shareholders of the resource giants.
Scarborough will provide a reliable source of LNG for global customers and a secure supply of gas for the domestic market, as well as permanent employment in Western Australia, he said.
A report by the Conservation Council of Western Australia and the Australia Institute released in June found that the project would release 1.6 billion tonnes of greenhouse gases over its lifetime, the equivalent of 15 power plants. charcoal electric.
As part of the company’s carbon reduction plan, Woodside will be allowed to increase its greenhouse gas emissions over the next decade before attempting to reach net zero by 2050.
The development has been fiercely opposed by environmental groups such as the WA Conservation Council, which launched an 11th hour lawsuit against the project last week.
They say it represents the most polluting fossil fuel development in recent memory. The International Energy Agency said in May that limiting global warming to 1.5 ° C, a target set in the Paris agreement, meant that exploration and exploitation of new pools of fossil fuels must stop this year.
Greenpeace Australia Pacific CEO David Ritter said Woodside is treating Australians with contempt by continuing with the project.
Public outrage over what Woodside has predicted – threats to the whales, the marine environment, the WA coastline and the climate – will continue to grow, Ritter said.
As long as the company persists in this direction, the Woodside name will become synonymous with destroying everything that is dear to Australians.
Australasian Center for Corporate Responsibility Director of Climate and Environment Dan Gocher described the company’s move as a desperate attempt to escape its financial difficulties.
Woodside doesn’t seem to care about the climate. He didn’t talk about climate or emissions in his post, Gocher said. It’s a disaster in every way, to be honest.
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