CORRECTED-UPDATE 1-Australia's Woodside Petroleum to invest $5 bln in new energy by 2030

·1 min read

(Corrects amount to "$5 billion" from "$3.6 billion" in headline and paragraph 1)

Dec 8 (Reuters) - Woodside Petroleum Ltd will invest $5 billion in new energy products by 2030 as it looks to cut emissions and tap into cleaner sources of fuel, Australia's biggest independent oil and gas company said on Wednesday.

Companies are increasingly pivoting towards new energy and renewable sources as they race to decarbonise to meet emission targets and reduce reliance on fossil fuels, including liquefied natural gas (LNG).

Chief Executive Meg O'Neill said at an investor briefing that Woodside expects LNG "to remain an important part of the energy mix in our region for decades to come," but highlighted the importance of new energy in supporting decarbonisation goals.

"We expect that in the mid-2020s the transition to new energy will be underway, including the start-up of the first of our own projects," O'Neill said.

Woodside, which along with BHP Group gave a final go-ahead to their $12 billion Scarborough LNG project last month, has already announced four new energy projects in recent months.

These include a A$1 billion carbon-neutral hydrogen and ammonia production facility in Western Australia, as well as liquid hydrogen and solar projects in the United States. (Reporting by Shashwat Awasthi; Editing by Shounak Dasgupta and Shailesh Kuber)

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