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Scarborough and Pluto Train 2 Developments Approved

11/22/2021

Woodside - Press release

Final investment decisions have been made to approve the Scarborough and Pluto Train 2 developments,
including new domestic gas facilities and modifications to Pluto Train 1.
The US$12.0 billion (100%, $6.9 billion Woodside share) LNG development is expected to deliver significant
cash flow and enduring value to shareholders. Scarborough gas processed through Pluto Train 2 will be one
of the lowest carbon intensity sources of LNG delivered to customers in north Asia, with first LNG cargo
targeted for 2026.
With the sell-down of 49% of Pluto Train 2 announced on 15 November 2021, the expected investment
metrics for the integrated development are:
• An internal rate of return (IRR) of above 13.5%
• An all-in cost of supply for LNG delivered to north Asia of approximately $5.8/MMBtu
• A payback period of 6 years.1
Woodside’s overall corporate 2P Total Reserves has increased by approximately 158% to 2,342.0 MMboe.2
Woodside CEO Meg O’Neill said approving the development of the world-class Scarborough gas resource is
a landmark achievement for Woodside.
“Today’s decisions set Woodside on a transformative path. Scarborough will be a significant contributor to
Woodside’s cash flows, the funding of future developments and new energy products, and shareholder
returns.
“This capital efficient development leverages Woodside’s existing infrastructure and our proven expertise in
project execution. The contracting model, development concept and execution strategy have been designed
to reduce cost risk and protect shareholder value.
“The Scarborough reservoir contains only around 0.1% carbon dioxide, and Scarborough gas processed
through the efficient and expanded Pluto LNG facility supports the decarbonisation goals of our customers in
Asia.
“The final investment decision is underpinned by quality customer support with approximately 60% of
Scarborough capacity contracted, including domestic gas for the proposed Perdaman urea project.
“Developing Scarborough delivers value for Woodside shareholders and significant long-term benefits locally
and nationally, including thousands of jobs, taxation revenue and the supply of gas to export and domestic
markets for decades to come,” she said.