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Woodside Energy announced it will purchase an under-construction ammonia plant in Texas from OCI Global for $2.35 billion, advancing its strategy to expand environmentally friendly assets. The plant, expected to begin production in 2025, will support Woodside's emissions reduction goals.
Woodside Energy's $2.35 Billion Ammonia Plant Acquisition in Texas Enhances its Environmental Strategy Amidst Energy Transition
Woodside Energy has agreed to acquire an ammonia facility currently under construction in Texas for approximately $2.35 billion. The company is searching for environmentally friendly assets to complement its portfolio, primarily derived from oil and natural gas production.
Meg O'Neill, Woodside's Chief Executive, stated that acquiring the ammonia plant in Beaumont, Texas, from OCI Global would bolster the company's strategy of thriving in the energy transition.
Construction on the Texas facility commenced in late 2022, with the anticipated commencement of ammonia production in 2025. The initial segment of the plant is designed to generate 1.1 million metric tons of ammonia annually.
Woodside's commitment to reducing emissions is unwavering. According to WSJ, it is particularly attracted to the agreements with industrial-gases group Linde and U.S. oil major Exxon Mobil, which will enable us to reduce our Scope 3 emissions significantly, a crucial part of our environmental responsibility.
Linde and Exxon Mobil Partner with Woodside Energy to Pioneer Lower Carbon Ammonia Production at Texas Facility
Linde's carbon capture technology and low-carbon intensity hydrogen production will be implemented at the Texas facility. Additionally, Linde has agreements with Exxon to collect and store the carbon dioxide generated at the facility. Woodside stated that these agreements will facilitate the production of "lower carbon ammonia" beginning in 2026.
“The potential applications for lower carbon ammonia are vast and promising. From power generation to marine fuels and as an industrial feedstock, it has the potential to displace higher-emitting fuels,” O’Neill said, highlighting the positive impact of this innovation on our operations and the industry.
She stated that the global demand for ammonia is expected to double by 2050, with reduced-carbon ammonia accounting for nearly two-thirds of the total consumption.
Woodside stated that it intends to be in a position to make a definitive investment decision on the second phase of the project, which would double production in 2026. It anticipates that the gross capital expenditure for that expansion will fall within the range of $1.2 billion to $1.4 billion.
