Woodside Energy says it will seek to link up with Japanese companies looking to develop methane detection and quantification technology, under a non-binding deal struck this week.
Woodside Energy says it will seek to link up with Japanese companies looking to develop methane detection and quantification technology, under a non-binding deal struck this week.
The memorandum of understanding with Japan Organisation for Metals and Energy Security (JOGMEC) is designed to connect the LNG producer with Japanese companies seeking to develop methane technology.
The MoU has been badged Methane Emissions Technology Reduction and Innovation Collaboration (METRIC).
It’s the latest in a push by Woodside to demonstrate a proactive approach to emissions reduction, after its climate action plan was voted down by shareholders in April.
In a statement, Woodside said methane was the second-largest contributor to human-induced climate change and was understood to have contributed to around 30 per cent of global temperature rise to date.
The company also highlighted its performance in keeping methane emissions low.
Woodside chief executive Meg O’Neill said the MoU built on the company’s methane focus.
“In 2023, our methane emissions were calculated to be around 0.1 per cent of our production by volume, a figure well below the Oil and Gas Climate Initiative (OGCI) methane intensity target of less than 0.2 per cent,” Ms O’Neill said.
“Beyond our existing commitments, including as a signatory to the Methane Guiding Principles and to achieving near-zero methane emissions by 2030, there is more we want to do.
“METRIC reinforces our resolve to achieve our targets, while also supporting other organisations to utilise the technology developed to detect and act on their own methane emissions.”
The company said the announcement would complement a range of existing JOGMEC initiatives, including an MOU with the state government to strengthen energy cooperation with Japan.
In January, Woodside joined the UN’s Oil & Gas Methane Partnership 2.0, as its first Australian member, with Ms O’Neill declaring the company sought for “near-zero” methane emissions by 2030.
The METRIC initiative will run for three years, with a view to further knowledge on methane emission management and develop options for future digital or technology commercialisation collaborations.
Beyond methane, Woodside has set targets to reduce its scope one and scope two net equity emissions by 15 per cent by 2025 and 30 per cent by 2030.
Scope one emissions are those emitted directly from its operations, while scope two are those associated with the use of imported power.
The company reported net equity scope one and two emissions of 5.5 million tonnes of carbon dioxide equivalent in the 2023 calendar year, according to its climate progress report.