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Provisions (Tables)
 12 Months Ended
Dec. 31, 2023
Provisions [abstract]  
Summary of Information About Provisions
 
  
  Restoration
1
US$m
 
  
  Employee
benefits
US$m
 
  
Onerous
  contracts
US$m
 
  
Other
  US$m
 
 
Total
  US$m
 
 
 
 
 
 
 
Year ended 31 December 2023
                                            
           
At 1 January 2023
   
 
6,253
 
   
 
517
 
   
 
-
 
   
 
409
 
  
 
7,179
 
           
Change in provision
   
 
664
 
   
 
5
 
   
 
-
 
   
 
(128
) 
  
 
541
 
           
Unwinding of present value discount
   
 
237
 
   
 
-
 
   
 
-
 
   
 
-
 
  
 
237
 
           
Carrying amount at 31 December 2023
   
 
7,154
 
   
 
522
 
   
 
-
 
   
 
281
 
  
 
7,957
 
           
Current
   
 
1,011
 
   
 
351
 
   
 
-
 
   
 
144
 
  
 
1,506
 
           
Non-current
   
 
6,143
 
   
 
171
 
   
 
-
 
   
 
137
 
  
 
6,451
 
           
Net carrying amount
   
 
7,154
 
   
 
522
 
   
 
-
 
   
 
281
 
  
 
7,957
 
           
Year ended 31 December 2022
                                            
           
At 1 January 2022
   
 
2,218
 
   
 
286
 
   
 
214
 
   
 
106
 
  
 
2,824
 
           
Acquisitions through business combination
2
   
 
4,310
 
   
 
329
 
   
 
-
 
   
 
165
 
  
 
4,804
 
           
Change in provision
   
 
(382)
 
   
 
(98)
 
   
 
(216)
 
   
 
137
 
  
 
(559)
 
           
Unwinding of present value discount
   
 
107
 
   
 
-
 
   
 
2
 
   
 
1
 
  
 
110
 
           
Carrying amount at 31 December 2022
   
 
6,253
 
   
 
517
 
   
 
-
 
   
 
409
 
  
 
7,179
 
           
Current
   
 
575
 
   
 
331
 
   
 
-
 
   
 
313
 
  
 
1,219
 
           
Non-current
   
 
5,678
 
   
 
186
 
   
 
-
 
   
 
96
 
  
 
5,960
 
           
Net carrying amount
   
 
6,253
 
   
 
517
 
   
 
-
 
   
 
409
 
  
 
7,179
 
 
1.
2023 change in provision is due to increase in estimates of
 $1,111
million and accretion of $237 million offset by provisions used of
$447
million. Changes in estimates are due to new activities, revisions to cost and removal scope assumptions and rate escalations, supported by the most recent estimates and benchmarks and the alignment of the ‘expected value approach’ across all assets.
2.
Refer to Note B.5 for details of business combination.
Summary of Oil And Gas Pricing The nominal TTF, Brent oil prices and HH gas prices used at 31 December 2023 were:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
        
 
    2024
 
   
 
    2025
 
   
 
    2026
 
   
 
    2027
 
   
 
    2028
 
    
   
  
TTF (US$/MMBtu)
   
 
13.9
 
   
 
14.2
 
   
 
8.8
 
   
 
8.9
 
   
 
9.1
 
    
   
Brent (US$/bbl)
   
 
82
 
   
 
80
 
   
 
76
 
   
 
77
 
   
 
79
² 
    
   
HH (US$/MMBtu)
   
 
3.4
 
   
 
3.5
 
   
 
3.5
 
   
 
3.5
 
   
 
3.6
3
 
    
 
 
1. For committed volumes, contracted pricing has been applied.
2. Long-term oil prices are based on US$70/bbl (2022 real terms) from 2026 and prices are escalated at 2.0% onwards.
3. 
Long-term gas prices are based on US$3.2/MMBtu (2022 real terms) from 2026 and
US$3.8/MMBtu
(2022 real terms) from 2030. All long-term prices are escalated at
2.0%.