Woodside collaborates with South Korean utilities player as it gets to work on $US5b new energy target

Woodside Energy will link up with South Korean utilities major SK E&S to look into potential offtake deals and cash investments in hydrogen and ammonia projects. The Meg O’Neill-led oil and gas giant said in a statement on Monday it had signed a non-binding memorandum of understanding with SK E&S to start studies on potential working opportunities between the pair across Australia and South Korea. Ammonia and hydrogen offtake arrangements, investment in new projects as well as project engineering opportunities will be on the to-do list. Woodside’s executive vice-president new energy Shaun Gregory said the partnership would help unlock “new market opportunities”. “With more than 35 years of experience as a world-class developer and operator of complex energy production facilities, and as a safe and reliable energy provider, Woodside is well positioned to play a key role in the development of the hydrogen and ammonia value chain for partners in South Korea,” he said. Woodside has pledged to spend about $5 billion on new energy products by 2030. The company had so far spent about $US100 million ($149m) towards that target, according to its latest annual report from February 2023. Among its list of new Australian projects is a proposed hydrogen and ammonia project named H2Perth. A final investment decision was recently pushed back to this year. Woodside is also working on a similar project in Tasmania named H2TAS.