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Oil and gas

A resilient oil and gas business is an essential part of our transformation to an integrated energy company.

North Rankin Complex, North West Shelf Project, Western Australia. Image courtesy of Woodside

At the core of our reset strategy is a plan to grow our upstream oil and gas business. The world is in an ‘energy addition’ phase – consuming increasing amounts of both fossil fuels and low carbon energy to meet growing demand.


Oil and gas will be needed for decades to come. We expect continuing robust demand for oil and gas to 2035, including strong growth in natural gas demand from emerging Asian economies – and we think global demand for North American natural gas is set to expand by around 15% in the same period.
Within that gas demand, we expect global LNG demand to grow by around 50% between 2023 and 2035.

North West Shelf

bp is a foundation investor in the NWS project. The operation covers offshore production platforms, trunk lines and onshore gas processing facilities. The NWS has been producing LNG, pipeline gas, condensate and LPG since the 1980s. The NWS is one of the largest LNG export projects in the region. From March 2022, NWS has enhanced its facilities to allow the import of third party gas into the onshore plant for processing into LNG.
 

The project is operated by Woodside and bp has a 16.67% interest. bp holds a 16.67% interest in the NWS infrastructure and a 15.78% interest in the gas and condensate fields. 

Browse

The Browse project is based on a world-class gas resource of 14.6 trillion cubic feet of natural gas, and approximately 412 million barrels of condensate and natural gas liquids. It’s located in the offshore Browse basin, around 425km north of Broome, Western Australia, and includes the Calliance, Brecknock and Torosa fields.

 

Lower carbon gas will play a critical role in the energy transition and the development of Browse could deliver domestic gas to help address shortfall forecast in early 2030s.

 

The project is operated by Woodside and bp has a 44.33% interest. 

Angel CCS

Angel will be designed to serve as a multi-user carbon capture and storage hub near Karratha, Western Australia. It is ideally located to help

decarbonise existing, hard-to-abate sectors and support Australia’s energy transition. The project has the potential to facilitate development of new
lower-carbon industries and provide a local solution for domestic and international carbon emissions. 

 

The project is operated by Woodside and bp has a 20% interest.