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Resilient Demand for Oil and Gas for Decades: Woodside

ENERGY

Oil and natural gas demand is set to stay resilient for decades according to Woodside Energy driven by population growth and industrialization in developing economies across Asia.

  • “Growth in demand for LNG in particular is expected to continue as buyers seek to secure supplies to support renewables in the power mix as they decarbonize,” said CEO Meg O’Neill. The producer sees a gas supply deficit to persist through the 2050s.
  • Woodside expansion projects include Scarborough off the coast of Western Australia which aims for LNG shipments from 2026.
  • The Sangomar oil development in Senegal will supply oil from mid-2024 offering crude suitable to European refineries, O’Neill said.
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