Woodside Petroleum, Australia's largest oil and gas producer, has delayed two major clean energy projects in the United States. This decision comes as the Trump administration seeks to promote traditional fossil fuels and withdraw from the Paris Agreement. Woodside cites the need to prioritize lower-carbon ammonia projects and cost competitiveness concerns for the halted projects.
Australian energy giant Woodside has paused two major clean energy projects it had been pursuing in the United States, in the latest sign of fossil fuel companies taking a step back from economically challenging green investments.
Woodside said on Wednesday it had made the “strategic decision” to delay taking a final investment decision on its H2OK project – a liquid hydrogen project in the US state of Oklahoma. “As can be the case with these technology investments, we’ve determined the technology is not going to be as cost-competitive as we had anticipated,” O’Neill said. “That’s why we’ve parked that opportunity.”Woodside’s retreat from the two US projects continues a global trend of giant oil and gas companies slowing the speed and scale of their forays into renewable energy and alternative fuels.
“Peak ESG has passed, and every oil and gas company is walking back from their uneconomic green opportunity pipeline,” he said. The news comes as ASX-listed Woodside, whose operations span Western Australia, eastern Australia, Africa and the Americas, posted its strongest-ever yearly oil and gas production figures during the 12 months to December 31. The result was boosted by the ramp-up of its Sangomar oil field in Senegal, the company said
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