Woodside Sees 50% Sales Lift by 2032 Backed by Major LNG Projects

Post by : Bianca Suleiman

Australia’s Woodside Energy is forecasting a substantial rise in oil and gas output. Management expects annual sales to increase by about 50% over the next eight years, reaching roughly 300 million barrels of oil equivalent by 2032 from 203.5 million in 2024 — roughly a 6% compound annual growth, largely driven by stronger energy demand in Asia.

The expansion rests on several large projects. The Louisiana LNG terminal is planned to add 16.5 million metric tons of export capacity by 2029, with a second phase lifting total throughput to 27.5 million tons. Production from the Scarborough gas field in Australia is slated to start in 2026, and the Trion oil development offshore Mexico is another expected contributor to volume gains.

While some forecasters expect LNG overcapacity through much of the decade, Woodside points to successive long-term contracts signed each year up to 2030 as evidence the market can absorb additional supply. Analysts also highlight China as a central demand engine, forecasting its natural gas use could top 60 billion cubic feet per day by 2040, reinforcing its role as a major LNG market.

Woodside anticipates attractive financial returns from these projects, identifying the Louisiana facility as its highest-return asset. The company projects about $9 billion in free cash flow by 2032.

At the same time, Woodside has reduced its clean-energy ambitions amid economic and regulatory challenges, retaining one ammonia project that will initially be emissions-intensive. Overall, fossil fuels are expected to comprise more than 90% of the company’s production through the 2030s.