Woodside Vitality Group Ltd. has signed a sale and buy settlement (SPA) with Taiwan’s CPC Company for the long-term provide of liquefied pure fuel (LNG) to the nation.
Underneath the SPA, Woodside will provide roughly six million metric tons of LNG on a delivered foundation over 10 years, starting in July, the corporate mentioned in a information launch. The monetary particulars of the deal weren’t disclosed.
Woodside famous that it could additionally ship roughly 8.4 million metric tons of LNG to CPC for an additional 10 years, from 2034 to 2043, topic to situations and settlement on phrases for the interval.
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The LNG to be delivered to CPC beneath the SPA will likely be sourced from volumes throughout Woodside’s world portfolio, in accordance with the discharge. The SPA is the corporate’s first long-term gross sales settlement with Taiwan.
Woodside CEO Meg O’Neill mentioned in an announcement, “This settlement with CPC for long-term provide to Taiwan is a primary for Woodside and one other demonstration of the continuing demand for Australian LNG in Asian markets. It additionally reinforces the worth our clients place on Woodside’s potential to keep up [a] protected and dependable provide of vitality into the 2030s”.
CPC is Taiwan’s state-owned oil and fuel firm, answerable for supplying enough vitality to the home market. CPC’s enterprise areas embrace oil and fuel exploration and manufacturing, refining, petrochemicals, lubricants, solvents and chemical compounds. It’s also Taiwan’s sole importer and provider of pure fuel, in accordance with the discharge.
New Management Construction
In the meantime, Woodside mentioned it has executed a revised management construction to “ship the subsequent part of the corporate’s technique to thrive via the vitality transition”. The revised construction will take impact on August 1.
O’Neill mentioned the adjustments are an evolution of the working mannequin established following the merger with BHP’s petroleum enterprise, supporting protected, dependable and cost-efficient execution of the bottom enterprise and setting the corporate up for future progress and worth creation.
“We’re totally integrating Woodside’s conventional and new vitality enterprise throughout our price chain to assist ongoing supply of the reasonably priced, dependable and lower-carbon vitality our clients want for the vitality transition,” O’Neill mentioned. “We’re additionally consolidating operations and challenge supply in a regional mannequin to drive a powerful deal with security, environment friendly determination making, and efficient enterprise execution”.
“Our new govt group balances continuity with change, including new capabilities and streamlining accountabilities,” she added in an earlier assertion.
The revisions to the management construction embrace aggregating all challenge execution and operational actions beneath two regional Govt Vice President (EVP) and COO roles, one for Australia and one for Worldwide. It additionally contains integrating all conventional and new vitality progress and alternative seize exercise, together with exploration and M&A, into one enterprise group beneath a brand new EVP & Chief Business Officer function, in accordance with the assertion.
The brand new govt management group contains EVP and CFO Graham Tiver, EVP and COO Australia Liz Westcott, EVP and COO Worldwide Daniel Kalms, and EVP and Chief Business Officer Mark Abbotsford.
Exiting the management group are Shiva McMahon and Matthew Ridolfi, whereas Shaun Gregory will transition to an adviser to the CEO function.
“Shiva and Matthew have been excellent members of Woodside’s management group, delivering sturdy outcomes throughout Woodside’s expanded world operations and initiatives portfolio,” O’Neill mentioned. “Shaun will proceed to offer helpful management and experience as we combine Woodside’s rising new vitality enterprise throughout our price chain”.
“I additionally welcome Ruth Lyall and Rebecca McNicol as new members of the manager. Ruth and Rebecca will convey sturdy capabilities, expertise and new views to Woodside’s management group,” she added.
To contact the writer, e-mail rocky.teodoro@rigzone.com
