Woodside and BHP as project partners have developed a plan to targeted final investment decision for Scarborough Australia by the end of , prior to the proposed completion date for the merger. When asked about the combined oil and gas capabilities of BHP and Woodside, he said they would be good but Woodside will have to manage a much more diverse international portfolio than it has now, particularly in the Gulf of Mexico and Trinidad and Tobago.
O'Neill said Woodside expected to stick to its emission targets and the proposed transaction will not increase actual global emission. Progress will be reported on both an operated and non-operated equity emissions basis. In support of the goals of the Paris Climate Agreement, and to contribute to the energy transition, the combined business will focus on building and maintaining a high return and carbon-resilient portfolio, which includes natural gas and new energy technologies.
The combined business is expected to generate significant cash flow this decade to support the development of new energy products and low carbon solutions including hydrogen, ammonia and carbon capture and storage.
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Although preceded by Australian mining giant BHP in the petroleum game, Woodside rose to become the local champion of an industry that fuelled much of the world's economic activity. Such was Woodside's financial and political importance in Australia, in the then treasurer Peter Costello famously torpedoed a takeover bid by Royal Dutch Shell on national interest grounds.
But as the ground shifted underneath the fossil fuel industry in recent years and investors began spurning fossil fuels, a little-acknowledged reality began dawning on observers. Woodside was — without the successful execution of a last-gasp LNG development — seemingly a company without much of a future. That was until this week when news of a proposed tie-up between Woodside and the oil and gas arm of mining giant BHP led analysts to say the company now had a path forward.
Doubts had been growing about whether Scarborough would go ahead given BHP owns Mr Bethune said the proposed new Woodside would own per cent of the project and have few qualms about proceeding. As part of the deal, Woodside will acquire what Mr Bethune said was a raft of high-performing oil and gas assets around the world including some in the Gulf of Mexico. He said these assets were "major generators of cash" and would significantly boost Woodside's financial firepower.
However, Mr Bethune said that, while Woodside would roughly double in size thanks to the BHP deal, the window of opportunity for big new "greenfield" oil and gas developments was closing.
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