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Joint Arrangements

12 Months Ended

Dec. 31, 2024

E.6

Joint arrangements

(a) Interest percentage in joint ventures


		Group Interest %
Entity	Principal activity	2024		2023
North West Shelf Gas Pty Ltd	Contract administration services for venturers for LNG sales to Japan. Marketing and administration services for venturers for gas processing.		33.3		33.3
North West Shelf Liaison Company Pty Ltd	Liaison for ventures in the sale of LNG to the Japanese market.		33.3		33.3
China Administration Company Pty Ltd	Contract administration services for venturers for LNG sales to China.		33.3		33.3
North West Shelf Shipping Service Company Pty Ltd	LNG vessel fleet advisor.		33.3		33.3
North West Shelf Lifting Coordinator Pty Ltd	Allocating, scheduling and administering the lifting of LNG and pipeline gas.		33.3		33.3

(b) Interest percentage in joint operations


	Group Interest %
	2024		2023
Producing and developing assets
Australia

Scarborough 1		74.9		100.0

North West Shelf		25.0 - 66.7		25.0 - 66.7

Greater Enfield and Vincent		60.0		60.0

Pluto		90.0		90.0

Wheatstone		13.0 -65.0		13.0 -65.0

Bass Strait		25.0 -50.0		25.0 -50.0

Macedon		71.4		71.4

Pyrenees		40.0 -71.4		40.0 -71.4

International

Sangomar		82.0		82.0

Atlantis		44.0		44.0

Mad Dog		23.9		23.9

Shenzi		72.0		72.0

Trion		60.0		60.0

Greater Angostura		45.0 -68.5		45.0 -68.5
Exploration and evaluation assets
Oceania

Browse Basin		30.6		30.6

Carnarvon Basin 2		31.6 -70.0		31.6 -70.0

Bonaparte Basin 3		26.7 -35.0		26.7 -35.0

Africa

Congo		22.5		22.5

Senegal		90.0		90.0

Egypt 4		25.0 - 45.0		25.0 -45.0

Americas

US Gulf of Mexico 6		23.9 -75.0		23.9 -75.0

Liard		50.0		50.0

Kitimat		50.0		50.0

Asia

Myanmar		45.0		45.0

Sunrise		33.4		33.4

Caribbean

Barbados 5		60.0		60.0

Calypso		70.0		70.0

Other joint operations

Angel		20.0		20.0

Bonaparte Basin		21.0		21.0

1.	The Group sold down a total of 25.1% interest in the Scarborough project in 2024; 10% to LNG Japan and 15.1% to JERA.

2.	The Group surrendered WA-356-P for Carnarvon in 2024.

3.	The Group surrendered NT/P86 for Bonaparte in 2024.

4.	The Group exited Herodotus Block 2 for Egypt in 2024.

5.	The Group relinquished Carlisle Bay for Barbados in 2024.

On 20 January 2025, President Trump issued an Executive Order renaming the area known as the “Gulf of Mexico” as the “Gulf of America”. The US Interior Department formally announced the change on 24 January 2025 and US federal agencies are currently in the process of implementing the change. In this 2024 Annual Report, Woodside uses the term “Gulf of Mexico” to refer to the area in which its Shenzi, Mad Dog and Atlantis projects are located, as that term was in effect during the period covered by this report. Woodside will adopt the naming conventions required by applicable laws and regulations in relation to US waters.

The principal activities of the joint operations are exploration, development and production of hydrocarbons.

Key estimates and judgements

(a) Accounting for interests in other entities

Judgement is required in assessing the level of control obtained in a transaction to acquire an interest in another entity. Depending upon the facts and circumstances in each case, Woodside may obtain control, joint control or significant influence over the entity or arrangement. Judgement is applied when determining the relevant activities of a project and if joint control is held over it.

Relevant activities include, but are not limited to, work program and budget approval, investment decision approval, voting rights in joint operating committees, amendments to permits and changes to joint arrangement participant holdings. Transactions which give Woodside control of a business are business combinations. If Woodside obtains joint control of an arrangement, judgement is also required to assess whether the arrangement is a joint operation or a joint venture. If Woodside has neither control nor joint control, it may be in a position to exercise significant influence over the entity, which is then accounted for as an associate.

Recognition and measurement

Joint arrangements are arrangements in which two or more parties have joint control. Joint control is the contractual agreed sharing of control of the arrangement which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. Joint arrangements are classified as either a joint operation or joint venture, based on the rights and obligations arising from the contractual obligations between the parties to the arrangement.

To the extent the joint arrangement provides the Group with rights to the individual assets and obligations arising from the joint arrangement, the arrangement is classified as a joint operation, and as such the Group recognises its:

assets, including its share of any assets held jointly;

liabilities, including its share of any liabilities incurred jointly;

revenue from the sale of its share of the output arising from the joint operation;

share of revenue from the sale of the output by the joint operation; and

expenses, including its share of any expenses incurred jointly.

To the extent the joint arrangement provides the Group with rights to the net assets of the arrangement, the investment is classified as a joint venture and accounted for using the equity method.

Joint arrangements acquired which are deemed to be carrying on a business are accounted for applying the principles of IFRS 3

Business Combinations

. Joint arrangements which are not deemed to be carrying on a business are treated as asset acquisitions.