About Us

Dili

Woodside is Australias largest independent oil and gas company, with a proud history of safe and reliable operations spanning decades.
15

16 8

As one of the worlds leading operators of oil and gas, Woodside produces around 900,000 barrels of oil equivalent each day from a diverse portfolio of facilities which we operate on behalf of some of the worlds major oil and gas companies. We have been operating our landmark Australian project, the North West Shelf, for 29 years, and it remains one of the worlds premier liquefied natural gas (LNG) facilities. With the successful start-up of the Pluto LNG Plant in 2012, Woodside now operates six of the seven LNG processing trains in Australia, helping to meet the demand for cleaner energy from customers in the Asia Pacific region and beyond. Woodside also operates four oil floating production storage and offloading (FPSO) vessels in the Exmouth Basin, North West Shelf and Timor Sea. The Woodside Compass makes clear our belief that values-led behaviour is inseparable from commercial success, and guides us on our journey towards being a global leader in upstream oil and gas. We have deepwater production facilities in the Gulf of Mexico plus acreage in a number of locations across the globe. We strive for excellence in our safety and environmental performance and continue to strengthen our relationships with customers, co-venturers, governments and communities to ensure we are a partner of choice.

1 2 3 4 5 6 7 8

Our producing assets (operated) Angel platform Goodwyn A platform North Rankin A & B platforms* Okha FPSO Karratha Gas Plant Ngujima-Yin FPSO Nganhurra FPSO Northern Endeavour FPSO

10 11 7 14

12 2 3 13 9

Broome
4 5 1

9 Pluto LNG Plant 10 Pluto LNG platform Our producing assets (non-operated) 11 Stybarrow Venture MV16 FPSO Our projects 12 North Rankin Redevelopment 13 Greater Western Flank Phase 1 Our developments 14 Laverda 15 Browse 16 Sunrise

Field NWS NWS NWS NWS NWS Vincent Enfield LaminariaCorallina Pluto Pluto Stybarrow NWS NWS Laverda Browse Sunrise

Karratha

AUSTRALIA

Perth

Woodside offices and representative offices

* North Rankin B platform is scheduled to start-up in 2013.

We have overcome some incredible challenges to be where we are today. Building on our history of achievement and range of capabilities, Woodside aims to be a global leader in upstream oil and gas.

A Values-led Company
At Woodside, we believe that our longterm success depends not only on the oil and gas we produce, but on doing whats right. Our commitment to be a values-led company is outlined in the Woodside Compass, which links our six core values directly with Woodsides mission, vision and strategic direction.

Ireland Canary Islands Israel Republic of Korea Beijing Seoul Tokyo Myanmar Dili Peru Brazil

Houston Gulf of Mexico

Woodside offices and representative offices International production and/or exploration Israel and Ireland subject to conditions

Pluto LNG
The safe start-up of Pluto LNG in 2012 was a major milestone for Woodside, cementing our status as a leader in Australian LNG and major supplier of energy to the Asia Pacific region. The project processes gas from the offshore Pluto gas field, with gas piped through a 180 km trunkline to a single onshore LNG processing train with annual production capacity of 4.3 million tonnes. Woodside took the project from discovery in 2005 to first production just seven years later, a demonstration of our world-class LNG capabilities and expertise. Pluto LNG delivers a step change in production and revenue for Woodside through our 90% equity in the project. Plutos value to Woodside is underpinned by long-term sales contracts with our foundation customers. Early performance at the plant has exceeded expectations, and the current focus is on maintaining reliable production from the facility into the future. As an experienced LNG developer and operator in the region, Woodside is well placed to leverage its foundation project investment through possible expansion trains at the Pluto LNG Park. Strong cash flows generated by Pluto LNG contributes to our strong balance sheet to enable disciplined growth.

Pluto is Australias first new producing LNG facility in six years, and the only new LNG project worldwide to come on-line during 2012.

North West Shelf Project

The A$27 billion North West Shelf Project is Australias largest producing oil and gas project, and one of the worlds premier LNG facilities. The project contributes about 40% of Australias oil and gas production, and has delivered more than 3500 LNG cargoes to international customers. The North West Shelfs offshore production facilities include four natural gas platforms (one under construction) and the oil producing Okha floating production storage and offloading (FPSO) vessel. Onshore, the facilities include five LNG processing trains, two domestic gas trains and three liquefied petroleum gas (LPG) fractionation units. To build these facilities today would cost more than $50 billion. Under Woodsides operation, the Project has maintained a track record for reliable production and delivery. Natural gas has been produced from the North West Shelf for domestic use since 1984, and currently provides the majority of Western Australias domestic gas consumption. The project has an annual production capacity of 16.3 million tonnes of LNG, which has been exported reliably from the North West Shelf since 1989 to customers in the Asia Pacific region and beyond. The North West Shelf Project has produced oil from the Cossack, Wanaea, Lambert and Hermes fields since 1995, contributing almost 3.5 million barrels in 2012 (Woodside share). The A$5 billion North Rankin Redevelopment and the A$2.5 billion first phase of the Greater Western Flank project will ensure this world-class asset continues to generate value for years to come.

Australia Oil
The major oil fields in the Timor Sea and off Western Australias North West Cape that form Woodsides Australia Oil business were discovered in the 1990s, and have been producing since 1999. Our three operated fields: LaminariaCorallina, Enfield and Vincent; have contributed more than 300 million barrels of oil since production began. Operation of these fields has seen Woodside develop the biggest fleet of owner-operated FPSOs in Australia. We have developed FPSO capabilities that extend across engineering design, operations and maintenance, allowing us to operate in remote marine environments with extreme weather conditions. We continue to offset natural field decline at our Australia Oil assets through infill wells, near-field tiebacks and increased production reliability, with the fields producing almost 13 million barrels for 2012 (Woodside share). As part of the next phase of development for our Australia Oil assets we are assessing commercialisation of our Laverda and Cimatti fields. Woodside is maturing Laverda as a combined oil and gas opportunity, with further definition of a preferred development concept expected in 2014. Laverda will also provide a hub for future oil and gas opportunities in the Greater Enfield area.

Taking our Energy to the World

Woodsides marketing and shipping capabilities have long been central to our role as a leading supplier of energy to the Asia Pacific region. Our strong relationships with customers in major energy markets have been maintained through a track record of reliable delivery and expertise across contracting, marketing and trading. The North West Shelf Shipping Service Company has long provided the link between the North West Shelfs production facilities and international customers, operating a fleet of seven LNG tankers. In support of Pluto LNG Woodside now manages a shipping fleet of four LNG vessels.

Sunrise LNG Development

The Woodside-operated Sunrise LNG Development is another high-quality gas resource in close proximity to Asian growth markets. Located in the Timor Sea between Timor-Leste and the northern coast of Australia, the Greater Sunrise fields hold a total contingent resource of 5.13 Tcf of dry gas and 225.9 million barrels of condensate. These volumes were independently certified in 2010 and, once developed, will add significantly to Woodsides reserves. According to the International Unitisation Agreement (IUA) signed by Australia and Timor-Leste, approximately 20% of the Greater Sunrise fields are attributed to the Joint Petroleum Development Area (JPDA), which is jointly administered by the governments of Australia and Timor-Leste, with the remaining 80% attributed to Australia. Woodside continues to strengthen its engagement with the Timor-Leste government and other stakeholders to progress a development that satisfies the requirements of all parties. Working with our Sunrise Joint Venture partners and local not-forprofit organisations, we are delivering a number of community engagement and capacity building initiatives in TimorLeste to deliver real benefits to local communities.

Image courtesy of Shell Developments (Australia) Pty Ltd

Browse LNG Development

Woodside is the major equity holder in the Browse Joint Venture, which aims to commercialise the Ventures three gas and condensate fields, Brecknock, Calliance and Torosa, 425 km north of Broome off the Kimberley coast. These three fields are estimated to contain combined contingent volumes of 15.5 trillion cubic feet of dry gas and 417 million barrels of condensate - a globally significant resource in a location that is expected to be one of Australias next major LNG production provinces. In September 2013, the Browse Joint Venture participants selected the use of floating LNG (FLNG) technology as the development concept to commercialise the three Browse gas fields. This concept involves using Shells FLNG technology and Woodsides offshore development expertise for the Browse LNG Development. The Browse Joint Venture is currently progressing Basis of Design work and aims to be in a position to consider the commencement of front-end engineering and design for the selected development concept in 2014. A final investment decision for Browse is targeted for mid-2015. The Browse Joint Venture participants are Woodside Browse Pty Ltd, Shell Developments (Australia) Pty Ltd, BP Developments Australia Pty Ltd, Japan Australia LNG (MIMI Browse) Pty Ltd and PetroChina International Investment (Australia) Pty Ltd. Woodside Energy Ltd is the operator of the Browse Joint Venture.

New Frontiers
As well as maximising value from our existing operations and progressing our premium Australian LNG and oil developments, Woodside is seeking to capture new growth opportunities that leverage our core oil and gas capabilities. We hold producing assets in the US Gulf of Mexico at the Neptune and Powerplay fields, and a portfolio of deep water exploration assets in the province. Woodside also holds exploration acreage in Brazil, Peru, Ireland*, the Canary Islands and the Republic of Korea, where in 2012 we successfully drilled the first deepwater well in the frontier Ulleung basin. In support of our growth strategy, in 2012 we undertook an extensive range of global basin studies that translated
*Subject to conditions

into new partnership opportunities in two key emerging and frontier oil and gas provinces. This included an in-principle agreement for Woodside to acquire a 30% participating interest in petroleum licences containing the Leviathan field offshore Israel. Leviathan is one of the largest recent gas discoveries worldwide, estimated to contain approximately 17 trillion cubic feet of recoverable natural gas. The agreement positions Woodside to grow its portfolio in the emerging Eastern Mediterranean Basin, and play a key role in the potential development of Israels LNG industry. It also allows Woodside to participate in further exploration opportunities in the Leviathan licences.

In 2012 Woodside also announced plans to establish two new partnerships in Myanmar, one of the worlds most prospective areas for new oil and gas discoveries. Woodside gained conditional approval to farm-in to Production Sharing Contracts for blocks AD-7 and A-6 in the Rakhine Basin, located in the western offshore area of Myanmar. The blocks are operated by Daewoo International Corporation and MPRL E&P respectively. The Rakhine Basin is a frontier exploration area that aligns with Woodsides strong deepwater capabilities. While progressing our Israel and Myanmar opportunities, Woodside will continue to evaluate new international prospects that leverage our core capabilities and offer new value-creating opportunities for our company.

Innovation and Technology

Woodside has a strong history of pushing technical limits, dating back to the world-record water depths we drilled offshore southern Australia in the 1950s. Ever since this time, our ongoing commitment to innovation and technology across the value chain has been a major contributor to our success. For example, our exploration success in Australia has been driven by our early adoption of leading-edge technology. We pioneered the use of 3D seismic data in Australia during the 1980s, led deepwater drilling initiatives in the 1990s and were at the forefront of amplitude-supported drilling in Australia in the 2000s. Recently, we have been the first users of 4D and multi-azimuth seismic data in Australia. Our subsea technologies have allowed us to design and modify pipelines and other subsea infrastructure to withstand the cyclonic waters in Australia, and repair subsea wells at a lower cost through light well intervention systems. Well construction technologies including big bore gas wells and multilateral systems have enabled Woodside to boost production rates and reduce costs at our offshore oil and gas fields, while above the surface we led the way in Australia on development of notnormally-manned platforms. Onshore, our development of six of Australias seven LNG trains places us at the forefront of modular construction, which we now aim to take to a new level through our patent-pending Next GenerationTM LNG technology. Through the proposed Browse FLNG Development and other potential opportunities, Woodside has an opportunity to be a leading operator of FLNG. The technology offers life-of-field savings of between 35-50%. Today, as we strive to become a global leader in upstream oil and gas, we are making a renewed commitment to be a leader in innovation and technology, not only in Australia but also internationally. This includes working closely with established technology providers on early adoption and practical application, and also developing our own solutions that lower costs and create differentiated capabilities for our company, particularly around our core strengths of LNG and deepwater development.

Woodside has always relied on the innovation and ingenuity of our people to discover new resources, lower costs and minimise the impact of our operations. We will continue leveraging technology to unlock new growth opportunities.

Woodside has conducted research into the marine ecosystems of northern Australia for almost 20 years, increasing our understanding of the environments in which we operate.

Environmental Performance
Woodside recognises that our longterm business success depends on our ability to understand our current and future operating environments, the potential impacts of our activities and our success in managing and mitigating these impacts. This includes investing significant resources in protecting biodiversity and ecosystems in our areas of current and proposed operation. We work with leading research and education institutes to obtain robust data to support decision-making and the ongoing monitoring of our operational footprint. Woodside received the Australian Petroleum Production and Exploration Association (APPEA) Environment Award in 2012, recognising our collaborative approach to research through partnerships with the Australian Institute of Marine Science and the Western Australian Museum. As part of work to evaluate development of the Browse gas resources, Woodside and the Browse Joint Venture partners have spent more than A$80 million in research to understand the terrestrial and marine environments of Australias Kimberley region. These studies have increased understanding of important local marine environments such as Scott Reef, including detailed information on coral reproduction and spawning. Woodside has also carried out extensive research on migratory patterns of certain marine species in our areas of operation. This has included comprehensive satellite tracking of humpback and blue pygmy whales through and adjacent to our permit areas in North West Australia. As Australias largest exporter of natural gas, Woodside is contributing to the reduction of greenhouse gas emissions in customer countries. When used for power generation, natural gas results in emissions reductions of between 20% and 50% when compared to coal-fired technologies. A focus for Woodside is reducing emissions intensity at our producing facilities, particularly during the design phase where the greatest gains can be made. Woodside has implemented a number of initiatives at Pluto LNG to make it the most emissions-efficient LNG plant currently operating in Australia. Design of our Okha floating production and storage offloading (FPSO) vessel at the North West Shelf Project incorporated a range of measures to improve resource efficiency and reduce flaring, making it up to 30% more emissions-efficient than the FPSO it replaced. At Woodside, we continue to minimise our footprint by integrating world-class environmental management into the design, construction and operation of our facilities.

Environmental incidents
21

Flare gas and intensity

(excludes commissioning)

9.5
21

343 343

9.5

9.6

9.6

9.3

9.3
8.0 246

310 310

327 327

8.0

7.5 217 65

7.5

246 79

150 150

126 126

116 116

12 08 08 09 09 1010 1111 12
Environment incidents (those reported to regulators) by Woodside each year.

08

09 09

10 10

11 11 12 12

Flared gas intensity (tonne)/ hydrocarbon production (kilotonnes) Total gas flared for operated ventures (kilotonnes) Woodside portion of flaring (excludes commissioning) (kilotonnes)

79

65

217

Woodside in the Community

Social investment in support of the Sunrise LNG Development includes capacity building initiatives to deliver real benefits to Timor-Leste communities. As part of work to evaluate development of the Browse gas resources, Woodside has established strong relationships with communities in the Kimberley region. We support a range of local programs and organisations that provide long-lasting benefits to the communities in the West Kimberley. Our social impact research has already been published for use by government and the local community. Our social investment is complemented by our employee engagement and corporate volunteering program. Woodside is a leader in corporate volunteering and engagement in Australia, with volunteering rates well above the corporate average. A key component of Woodsides community engagement is our Reconciliation Action Plan (RAP). Our RAP articulates clear actions, targets and accountabilities for Woodside under a framework of respect, relationships and opportunities. Woodside has met or exceeded many of its targets in areas such as Indigenous employment, business participation, training and education and cultural awareness. More than 100 Kimberley Indigenous people have been either directly employed or undergone training under the Browse Indigenous Employment and Training Strategy. We also work closely with Indigenous Australians to share knowledge and improve heritage protection, ensuring we continue to gain access to the land required for our activities with support from local communities. In 2007 Woodside signed a Conservation Agreement with the Australian Government committing up to A$34 million over 10 years for the recognition and protection of the National Heritage Values of the Dampier Archipelago. This is the largest single investment by an Australian company in a National Heritage Place.

Protecting our People

We focus on health and safety because we believe that everyone has a right to go home in the same condition as they started the day. Our goal is to be recognised as a global leader in the way we deliver health and safety performance. A strong safety culture is fundamental to our ability to achieve excellent safety performance. Woodsides behaviour framework called Our Safety Culture helps everyone at Woodside understand how they can play their part in strengthening Woodsides safety culture. Woodsides strong focus on process safety ensures risks are managed at all our facilities. This involves making the safety of our people inherent in the design phase, through development and into the production life-cycle.

Woodside understands that longterm and meaningful relationships with communities are fundamental to maintaining our social licence to operate. We have been part of the Australian community for more than 50 years. Our operations make significant economic and social contributions to local communities. Our total voluntary social investment spend in 2012 was A$9.5 million, including significant contributions to organisations including Conservation Volunteers Australia, Surf Life Saving Australia and the Western Australian Museum. We are on track to meet our social investment target of 0.5% profit before tax by 2015. Woodside has a particularly strong relationship with Western Australias Pilbara region, home to our North West Shelf Project and Pluto LNG. This includes significant infrastructure investment in areas such as health, education and recreation.

Our Voluntary Social Investment Spend

(A$million/year)*

9.5

5.3

6.1

To achieve our goal, we expect all our employees and contractors to give paramount importance to their own health and safety, and that of others. We see our health and safety performance as fundamental to our aspiration to be a global leader in oil and gas. In 2013, Woodside began a five-year roadmap towards global top quartile health and safety performance.

4.9

7.7

08

09

10

11

12

Woodside recognises that we are part of the community. We make commitments and deliver benefits for the long-term. We aim to be a partner of choice for local communities in Australia and internationally.

*Includes cash value, in-kind and voluntary hours.

1950/60s
Woodside (Lakes Entrance) Oil Co. NL is registered and adopts the name of the town of Woodside in Victoria, Australia which is close to its oil leases. Woodside drills to world-record water depths in the Bass Strait off southern Australia. In 1956 Woodside appoints Geoff Donaldson as Chairman and Rees Withers as Managing Director. Woodside is granted a permit to explore 370,000km2 off the Western Australian coast, resulting in the formation of the original North West Shelf Venture between the Burmah Oil Company of Australia, Shell Development Australia and Woodside. Woodside finds first oil at the Legendre field on the North West Shelf.

1970s
Woodside makes major gas and condensate discoveries off the north west coast of Australia - the Sunrise and Troubadour fields in the Timor Sea, the Browse fields north of Broome, and the Goodwyn, North Rankin and Angel fields north of Karratha on the North West Shelf. Woodside (Lakes Entrance) Oil NL changes its name to Woodside Petroleum Ltd. State and Commonwealth governments give environmental approval for the commencement of the North West Shelf Gas Project.

1980s
Woodside constructs the Karratha onshore gas plant, the North Rankin platform and a 134km subsea pipeline to shore. Design work starts on the Goodwyn platform. The North West Shelf Project participants sign the contracts for the long-term supply of gas to Western Australian customers, the formal liquefied natural gas (LNG) sales agreement with eight Japanese gas and power companies, and the contracts for the supply of the first fleet of LNG ships. Woodside discovers the Wanaea and Echo oil fields on the North West Shelf. The first cargo of LNG from the North West Shelf Project arrives in Tokyo, Japan.

1990s
The Woodside-operated North West Shelf Project discovers the Cossack, Hermes, Perseus and Yodel oil fields. Woodside as operator of the North West Shelf Project constructs the Cossack Pioneer floating production storage and offloading (FPSO) vessel. The Goodwyn platform starts production on the North West Shelf. Woodside discovers the Enfield and Vincent fields near Exmouth in Western Australia and the Laminaria-Corallina field in the Timor Sea. Woodside constructs the Northern Endeavour FPSO. The North West Shelf Project delivers its 1000th LNG cargo to Japan.

2000s
Woodside acquires exploration and production interests in the Gulf of Mexico, including the discovery of the Powerplay oil field, and discovers the Chinguetti oil field off the coast of Mauritania. Woodside discovers the Laverda oil field near Exmouth, and the Pluto gas field near Karratha in Western Australia. The North West Shelf Project celebrates 25 years of domestic gas production and 20 years of LNG exports. Woodside starts production from the fifth processing train at the Karratha onshore gas plant. The Nganhurra FPSO (Enfield) and the Ngujima-Yin FPSO (Vincent) start production. Woodside constructs and installs the Angel Platform.

2010 and on ...

The Okha FPSO is commissioned for the North West Shelf Project, replacing the Cossack Pioneer. A second platform is installed next to the existing North Rankin A platform. The North West Shelf Project delivers its 3500th LNG cargo. Woodside completes construction of the Pluto LNG Project, including an onshore LNG plant and an offshore processing platform. Pluto begins production in 2012, with first LNG cargoes delivered to Japan.

Head Office: Woodside Energy Ltd 240 St Georges Terrace Perth WA 6000 Australia September 2013

Postal Address: GPO Box D188 Perth WA 6840 Australia

T: +61 8 9348 4000 F: +61 8 9214 2777 E: companyinfo@woodside.com.au

Visit us at www.woodside.com.au