Woodside Energy has announced its plans to cut 10% of its workforce globally as it works towards higher return on investment from its oil and gas projects.
Related article: Woodside drops Scope 3 emissions target, posts profit rise
As part of its 2026 Capital Markets Day announcements, Woodside said it would axe at least 500 jobs from its workforce of approximately 4,693 employees.
The company is forecasting increased production of 32% to 280 million barrels of oil equivalent by 2032 from its Scarborough LNG project, the Trion oil project in the Gulf of Mexico, and the Louisiana LNG facility in the US.
The company has signed a 20-year deal to supply QatarEnergy with up to 3 million tons a year of LNG from the Louisiana plant starting in 2030.
In August, Woodside announced it had abandoned its long-term emissions target and cancelled plans to spend $5 billion on clean energy projects by 2030 to focus on its core oil and gas business.
Woodside CEO Liz Westcott said the company was on track to meet its 2030 emissions reduction target and was committed to reducing direct emissions, but would drop its Scope 3 target covering emissions from the use of its fossil fuel products.
Meanwhile, the company reported a 7% rise in first-half profit.
Related article: Woodside’s Browse Gas declared State Significant Project
