22 Woodside Petroleum Ltd|Annual Report 2018
+ Lower capital intensity developments
+ New revenue streams
+ Preparing for Horizon II growth
+ New growth platforms through
exploration and acquisitions
+ Expanding the LNG market
In Horizon I we are delivering the committed growth that will underpin
targeted production of approximately 100 MMboe in 2020, as we invest
in our signiﬁcant LNG projects. We have new revenue streams from
Wheatstone LNG and Greater Western Flank Phase 2, and Greater Enﬁeld
is expected to commence production in 2019. Progression of our LNG
developments is a priority through this period as we seek to deliver
successful projects which meet growing Asian LNG demand.
We have a clear strategy to deliver superior shareholder returns across three distinct time horizons.
These horizons are characterised by cash generation
(2017–2021), unlocking value (2022–2026) and repeating
our successes (2027+).
As a low cost and high margin producer, Woodside is uniquely
positioned as the global LNG market rebalances
and grows into the future.
+ Developments leveraging existing
+ Growth funded by base business
and Horizon I growth
+ Monetise exploration and
+ Increase supply to new and
We are targeting signiﬁcant new production early in Horizon II.
First oil from Phase I of the SNE oil development oshore Senegal
is expected in 2022. We are targeting Scarborough upstream RFSU
in 2023, Pluto LNG Train 2 RFSU in 2024; and Browse RFSU for the
ﬁrst FPSO in 2026 and the second in 2027. These developments will
signiﬁcantly increase our developed reserve base and contribute to
earnings for years to come. We are also seeking to establish new
production from our resources in Myanmar within this horizon.
+ Capital-ecient developments
+ Unlock new major hubs
Within our portfolio, we have resources identiﬁed for production
in Horizon III. These include the Sunrise resource located 450
km north-west of Darwin, and our signiﬁcant resource position
in the Liard and Horn River basins supporting the Kitimat LNG
development in British Columbia, Canada.
OUTSTANDING BASE BUSINESS
HORIZON I 2017–2021
HORIZON II 2022–2026
HORIZON III 2027+