“We see Woodside as being most exposed to a rising offshore cost environment,” says Royal Bank of Canada analyst Gordon Ramsay.
US President Joe Biden was unsuccessful in a bid to secure an immediate rise in the output of oil, while many other oil-exporting countries cannot even return to their previous levels of production owing to a lack of investment and maintenance since the pandemic. The key question for Woodside becomes whether it wants to extract close to full value from a sell-down of the venture or is happy to accept a smaller premium in order to free up the balance sheet for the $16 billion Scarborough gas project in Western Australia?Woodside’s Scarborough project – which was given the go-ahead last November – will produce gas to feed an expansion of the Pluto LNG plant near Karratha and is Australia’s biggest new resources project for almost a decade.
It will, however, need separate approvals for the drilling, construction and operation of Scarborough, with an independent regulator likely to consider Indigenous rock art and carbon emissions.
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