Natural gas production will increase and demand may remain stable

Meg O’Neill,CEO of Woodside Energy Group,stated that the company will continue to negotiate a merger with Santos Limited.The recent major oil and gas industry mergers and acquisitions in the United States have involved low premiums,and the acquisition between Woodside and Santos has added value to shareholders.

Woodside’s oil and gas production increased by 19%in 2023,reaching 187.2 million barrels of oil equivalent.Meg O’Neill said in an interview,”We have the ability to bring two businesses together and gain value.We are looking for a range of ways to grow our business.”

Meg O’Neill said,”We are eager to develop our business in areas with the ability and expertise,with a focus on LNG and deepwater.Despite LNG importing countries having sufficient inventories and mild winter weather in Asia and Europe,LNG demand may remain stable this year.It is expected that China’s economy will continue to grow,with strong demand in countries such as India and Bangladesh.”

Woodside predicts that the company’s oil and gas production will reach 185 to 195 million barrels of oil equivalent in 2024,with LNG accounting for approximately 45%;In 2023,the company’s capital expenditure reached 5.7 billion US dollars,and it is expected to reach 5 billion to 5.5 billion US dollars this year.