WOODSIDE ENERGY GROUP LTD ANNUAL REPORT 2015
Our world-class Karratha Gas Plant increased annual production capacity from 16.3 to 16.7 million tonnes of LNG following system improvements and debottlenecking.
WHO WE ARE
INTEGRITY
We are open, honest and fair. We do what we say we will do. We have the courage to do the right thing.
RESPECT
We give everyone a fair go. We listen.
WORKING SUSTAINABLY
We are here for the long term. We look after each other, our communities and the environment. We keep each other safe.
WORKING TOGETHER
We are on the same team.
We build long-term partnerships.
DISCIPLINE
We play by the rules. We set goals and we hold ourselves to account.
EXCELLENCE
We achieve great results. We learn. We get better.
WHERE WE'RE GOING
OUR MISSION
To deliver superior shareholder returns.
OUR VISION
Our aim is to be a global leader in upstream oil and gas.
OUR STRATEGIC DIRECTION
Maintain our leading Australian position by optimising our producing assets and commercialising our growth projects and other premium opportunities.
Grow our portfolio by leveraging our core capabilities for global upstream growth.
HOW WE'LL GET THERE
PARTNER OF CHOICE
We are the premium choice for partnerships based on our distinctive capabilities, culture and track record as a great partner.
ENGAGED PEOPLE
We work for a highly regarded and successful company. We are part of a team working together for great results and have opportunities to contribute and grow.
FUNCTIONAL EXCELLENCE
We leverage our core capabilities and the latest technology to create new opportunities and sharpen our competitive edge.
DECISION EFFECTIVENESS
We make and execute decisions in line with our business priorities and our values.
SUSTAINABLE DEVELOPMENT REPORT 2015
This report is a summary of Woodside's sustainability approach, actions and performance for the
12-month period ended 31 December 2015.
This report will be available in March 2016.
Further information at woodside.com.au
In this report, we have indicated where additional information is available online
and in other sections of this report like this .
A glossary of key terms, units of measure and conversion factors is on page 110.
We have partnered with Green ReportsTM in an initiative that ensures that communications minimise environmental impact and creates a more sustainable future for the community.
ii WOODSIDE PETROLEUM LTD ANNUAL REPORT 2015
About Woodside
We are an Australian-based oil and gas company with a global presence, recognised for our world-class capabilities - as an explorer, a developer, a producer and a supplier.
Our mission is to deliver superior shareholder returns through realising our vision of becoming a global leader in upstream oil and gas.
Wherever we work, we are committed to living our values of integrity, respect, working sustainably, discipline, excellence and working together.
Our operations are characterised by strong safety and environmental performance in remote and challenging locations.
We recognise that long-term meaningful relationships with communities are fundamental to maintaining our licence to operate, and we work to build mutually beneficial relationships in all locations where we are active.
Our producing liquefied natural gas (LNG) assets in the north-west of Australia are among the world's best facilities.
Today, our exploration portfolio includes emerging and frontier provinces in Australia and the Asia-Pacific region, the Atlantic margins and Latin America and Sub-Saharan Africa. We have significant equity interests in high-quality development opportunities.
We are Australia's most experienced LNG operator and largest independent oil and gas company.
Our proven track record and distinctive capabilities are underpinned by more than 60 years of experience, making us a partner of choice.
Through collaboration, we leverage our capabilities to progress our growth strategy. Since 1984, we have been operating the landmark Australian project, the North West Shelf, and it remains one of the world's premier LNG facilities. In 2012, we added our Pluto LNG Plant to our onshore operating facilities.
About this report
This Annual Report 2015 is a summary of Woodside's operations and activities for the 12-month period ended 31 December 2015 and financial position as at 31 December 2015. Woodside Petroleum Ltd
(ABN 55 004 898 962) is the parent company of the Woodside group of companies. In this report, unless otherwise stated, references to Woodside and the Group, the company, we, us and our refer to Woodside Petroleum Ltd and its controlled entities, as a whole.
The text does not distinguish between the activities of the parent company and those of its controlled entities.
References in this report to a year are to the calendar and financial year ended
31 December 2015 unless otherwise stated.
We operate five floating oil production, storage and offloading vessels, the largest owner-operated fleet in Australia, and we have an excellent track record of efficient and safe production.
We are growing our portfolio through acquisitions and exploration while maintaining a disciplined approach to ensure that we continue to increase shareholder value and appropriately manage risk.
We are transforming to become a global business. We have a portfolio of significant interests in Canada and Timor-Leste and a growing network of partnerships.
Known as a reliable and safe energy supplier, we have enduring relationships with foundation customers throughout the Asia- Pacific region which span more than 25 years.
We believe technology and innovation are essential to unlocking future growth and commercialising assets. We continually expand our technical knowledge, discover new solutions and learn valuable lessons.
Innovation has always been in our DNA. Our knowledge has been built through decades of experience, dating back to the world-record water depths of wells we drilled in offshore southern Australia in the 1950s. Today, we are pioneering remote support and the application of artificial intelligence and advanced analytics in our operations.
We are open and honest in our relationships.
Sharing ideas and aspirations, we have the courage to always do the right thing for our people, partners, customers and communities.
All dollar figures are expressed in US currency, Woodside share, unless otherwise stated.
Woodside is continuing efforts to reduce its environmental footprint associated with
the production of the Annual Report. Printed copies of the Annual Report will only be posted to shareholders who have elected to receive a printed copy.
The Annual Report is also printed on an environmentally responsible
paper manufactured under ISO 14001 environmental management standards, using elemental chlorine-free pulps from sustainable, well managed forests.
CONTENTSOverview
About Woodside 1
About this report 1
Our areas of activity 2
Performance summary 4
Chairman's report 6
Chief Executive Officer's report 8
Woodside executives 10
Operating and Financial Review 12
Creating sustainable value:
our business model 14
Financial position 16
Strategy and outlook 18
Risks 20
Operations
North West Shelf 22
Pluto LNG 24
Australia Oil 26
International - Canada 27
LNG marketing 28
Our people 30
Health, safety, security and
emergency management 32
Environment 34
Communities 35
Technology and innovation 36
Reserves and resource statement 38
Growth 41
Global exploration 42
Development
Wheatstone 44
Greater Enfield 45
Greater Western Flank Phase 2 45
Browse FLNG 46
Kitimat LNG 47
Sunrise LNG 47
Business development opportunities 47
Governance 48
Board of Directors 48
Corporate governance statement 50
Directors' report 51
Remuneration report 52
Financial Report 2015 71
Shareholder information
Shareholder statistics 107
Share registry: enquiries 108
Investor relations: enquiries 108
Business directory 109
Key announcements 2015 109
Events calendar 2016 109
Glossary, units of measure and
conversion factors 110
Index 111
Summary charts 2015 112
Ten-year comparative data summary 113
Report objectives
This report meets our compliance and governance requirements, and is designed to provide easy-to-read information on how Woodside
performed in 2015 for our stakeholders, including shareholders, staff, customers and the community.
We aim to build awareness of our operations and demonstrate how we delivered on our mission and vision while maintaining our values and commitment to sustainable development.
WOODSIDE PETROLEUM LTD OVERVIEW 1
OVERVIEW OPERATING AND FINANCIAL REVIEW
GOVERNANCE FINANCIAL REPORT
SHAREHOLDER INFORMATION
OUR AREAS OF ACTIVITY9
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14 5 Broome
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Karratha
WESTERN AUSTRALIA
Our Australian business
1 | Producing assets Karratha Gas Plant | NWS |
2 | Goodwyn A platform | NWS |
3 | North Rankin Complex | NWS |
4 | Okha FPSO | NWS oil |
5 | Angel platform | NWS |
6 | Pluto LNG Plant | Pluto LNG |
7 | Pluto LNG platform | Pluto LNG |
8 | Ngujima-Yin FPSO | Vincent oil |
9 | Northern Endeavour FPSO* | Laminaria-Corallina oil |
10 | Nganhurra FPSO | Enfield oil |
11 | Armada Claire FPSO | Balnaves oil |
Projects | ||
12 | Greater Western Flank Phase 1 | NWS |
13 | Greater Western Flank Phase 2 | NWS |
14 | Persephone | NWS |
15 | Wheatstone LNG Plant (non-operated) | Wheatstone |
16 | Wheatstone LNG Platform (non-operated) | Wheatstone |
17 | Julimar | Julimar, Brunello |
Developments | ||
18 | Greater Enfield Oil | Enfield oil |
19 | Browse FLNG | Browse 16 7 |
Perth (HQ)
Woodside offices and representative offices
17 11
1213
23
* In September 2015, Woodside entered into a conditional agreement to sell our interests in the Laminaria-Corallina Joint Venture, including the Northern Endeavour FPSO. For further information refer to page 27.
18 108
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2 WOODSIDE PETROLEUM LTD ANNUAL REPORT 2015
Woodside Petroleum Ltd. issued this content on 16 February 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 16 February 2016 21:54:25 UTC
Original Document: http://www.woodside.com.au/Investors-Media/announcements/Documents/17.02.2016 2015 Annual Report.PDF
