What's Happening?
Woodside Energy has significantly reduced its local workforce from approximately 100 employees to just one, as it shifts assets and workers to another company. This development was revealed during a Joint Select Committee (JSC) meeting, where concerns were raised about the company's downsizing. The reduction is part of a broader strategy that began in March 2025, involving the divestment of the Angostura portfolio to Perenco. This move was described as a 'win-win' decision by Grant McKenzie, Woodside's Vice-President of Developments, as the project was considered a late-life asset. The divestment aims to generate cash to support other projects, with operations transferred to Perenco in July 2025. The decision was not politically motivated but
based on the project's maturity and Perenco's capability to extend its life.
Why It's Important?
The downsizing of Woodside Energy's local operations and the divestment of the Angostura project have significant implications for the local economy and the energy sector. The reduction in workforce and asset transfer could impact local employment and economic activity. However, the divestment to Perenco may bring new opportunities, as the company is positioned to maximize the remaining potential of the mature field. This transition reflects broader trends in the energy industry, where companies are optimizing portfolios and focusing on viable projects. The move also highlights the challenges faced by multinational companies in navigating regulatory processes, which can affect project costs and timelines.
What's Next?
Woodside Energy is currently focusing on the Calypso deepwater project, which is moving towards its final market development phase. The company has indicated that it will continue investing in the project only if it remains viable. The government’s recently launched Energy Accelerator Hub is expected to streamline processes and expedite approvals, potentially benefiting future projects. Stakeholders will be watching closely to see how these changes impact the local energy landscape and whether the new regulatory framework can attract further investment.
