Woodside Petroleum expects to increase its capital spending by one third to $4 billion in 2022, as it advances oil and gas growth projects in Western Australia and Senegal, as well as step up efforts to start producing hydrogen. After booking record quarterly sales revenue on soaring liquefied natural gas prices, CEO Meg O’Neill noted that the company was positioned for a big year aiming to seal a merger with the petroleum arm of BHP Group by June and progress the Scarborough gas field development and Pluto LNG plant expansion.
Woodside is also focused on its Sangomar oil project in Senegal, which is on track to start producing in 2023. Total investment spending in 2022 is expected to be between $3.8 billion and $4.2 billion, compared to $3 billion in 2021. Woodside estimated 2022 production would increase by about 4% to between 92 million barrels of oil equivalent (MMboe) and 98 MMboe.
