REG - Woodside Energy Grp. - Scarborough approval challenge to be dismissed

Woodside EnergyAnnouncement

19/08/2024 07:00

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RNS Number : 8956A  Woodside Energy Group Ltd  19 August 2024

Woodside Energy Group Ltd

ACN 004 898 962

Mia Yellagonga

11 Mount Street

Perth WA 6000

Australia

T +61 8 9348 4000

www.woodside.com

 

ASX: WDS

NYSE: WDS

LSE: WDS

 

Announcement

 

Monday, 19 August 2024

 

 

SCARBOROUGH PRIMARY APPROVAL CHALLENGE TO BE DISMISSED

 

Woodside and the Australian Conservation Foundation (ACF) have agreed to
dismiss the ACF's challenge to a primary environmental approval for Woodside's
Scarborough Energy Project.

The Scarborough Energy Project has all primary environmental approvals in
place and offshore work is progressing well. The Federal Court proceedings
sought an injunction to stop offshore activities for the Scarborough Energy
Project. The parties have agreed to seek orders from the Court to dismiss the
proceedings.

Woodside CEO Meg O'Neill welcomed the agreement to dismiss the case.

"Litigation against energy projects like Scarborough is an ineffective way to
pursue solutions to global climate and energy challenges. Such approaches
create needless uncertainty for businesses, communities and the people who
depend on the energy these projects produce.

"The Scarborough reservoir contains less than 0.1% carbon dioxide and combined
with processing design efficiencies will be one of the lowest carbon intensity
sources of LNG delivered into north Asian markets.

"The Scarborough Energy Project will make an important contribution to energy
security in Western Australia while providing energy to Asian economies as
they decarbonise.

"The project is supported by and aligns with the energy policies of both the
Australian and Western Australian Governments."

The Scarborough Energy Project has been the subject of rigorous environmental
assessments by regulators including the National Offshore Petroleum Safety and
Environmental Management Authority; the Commonwealth Department of Climate
Change, Energy, the Environment and Water; the Western Australian Department
of Energy, Mines, Industry Regulation and Safety; the Western Australian
Department of Water and Environmental Regulation and the Western Australian
Environmental Protection Authority.

The ACF, represented by the Environmental Defenders Office, commenced the
Federal Court of Australia proceedings in relation to the offshore
environmental assessment of the Scarborough Energy Project in June 2022.

 

About the Scarborough Energy Project

The Scarborough Energy Project comprises the Scarborough Joint Venture, the
Pluto Train 2 Joint Venture and modifications to Pluto Train 1 to process
Scarborough gas.

The Scarborough Energy Project was 67% complete at the end of June 2024 and is
on track to deliver the first LNG cargo in 2026. 1  (#_ftn1)

The Scarborough Energy Project is expected to generate more than A$50 billion
in direct and indirect taxes for Australia's economy, more than 3000 jobs
during the construction phase and create or sustain almost 600 jobs on average
during operations. 2  (#_ftn2)

 

 Contacts:

 INVESTORS                                                 MEDIA

 Marcela Louzada                                           Christine Forster

 M: +61 456 994 243                                        M: +61 484 112 469

 E: investor@woodside.com (mailto:investor@woodside.com)   E: christine.forster@woodside.com (mailto:Christine.forster@woodside.com)

 

This announcement was approved and authorised for release by Woodside's
Disclosure Committee.

 

Forward-looking statements

 

This announcement contains forward-looking statements with respect to
Woodside's business and operations, market conditions, results of operations
and financial condition, including, for example, but not limited to,
statements regarding the transaction, the timing of completion of other
transactions, the timing of completion of Woodside's projects and expectations
regarding future expenditures and future results of projects. All statements,
other than statements of historical or present facts, are forward-looking
statements and generally may be identified by the use of forward-looking words
such as 'guidance', 'foresee', 'likely', 'potential', 'anticipate', 'believe',
'aim', 'aspire', 'estimate', 'expect', 'intend', 'may', 'target', 'plan',
'forecast', 'outlook', 'project', 'schedule', 'will', 'should', 'seek' and
other similar words or expressions. Similarly, statements that describe the
objectives, plans, goals or expectations of Woodside are forward-looking
statements.

Forward-looking statements in this announcement are not guidance, forecasts,
guarantees or predictions of future events or performance, but are in the
nature of future expectations that are based on management's current
expectations and assumptions. Those statements and any assumptions on which
they are based are subject to change without notice and are subject to
inherent known and unknown risks, uncertainties, assumptions and other
factors, many of which are beyond the control of Woodside, its related bodies
corporate and their respective officers, directors, employees, advisers or
representatives. If any of the assumptions on which a forward-looking
statement is based were to change or be found to be incorrect, this would
likely cause outcomes to differ from the statements made in this announcement.

A detailed summary of the key risks relating to Woodside and its business can
be found in the "Risk" section of Woodside's most recent Annual Report
released to the Australian Securities Exchange and the London Stock Exchange
and in Woodside's most recent Annual Report on Form 20-F filed with the United
States Securities and Exchange Commission and available on the Woodside
website at https://www.woodside.com/investors/reports-investor-briefings. You
should review and have regard to these risks when considering the information
contained in this announcement.

All information included in this announcement, including any forward-looking
statements, reflects Woodside's views held as at the date of this announcement
and, except as required by law or regulation, neither Woodside, its related
bodies corporate, nor any of their respective officers, directors, employees,
advisers or representatives intends to, undertakes to, or assumes any
obligation to, provide any additional information or update or revise any
information or forward-looking statements in this announcement after the date
of this announcement, either to make them conform to actual results or as a
result of new information, future events, changes in Woodside's expectations
or otherwise.

Investors are strongly cautioned not to place undue reliance on any
forward-looking statements. Actual results or performance may vary materially
from those expressed in, or implied by, any forward-looking statements.

 

 

 1  (#_ftnref1) The completion % excludes the Pluto Train 1 modifications
project.

 2  (#_ftnref2) Source: ACIL Allen.

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