What is the core reason for the operational change in the Gippsland Basin?

Woodside Energy (ASX:WDS) took over as operator of the Gippsland Basin venture from ExxonMobil (NYSE:XOM) because of an agreement struck between the two companies last year. The transition allows Woodside to manage day-to-day operations while ownership remains split 50:50 between both energy producers.

How is the ownership structure of the Gippsland Basin venture affected?

The ownership layout of the Gippsland Basin project remains unchanged, with Woodside Energy (ASX:WDS) and ExxonMobil (NYSE:XOM) each maintaining their 50% equity stakes. Woodside has only assumed the operational responsibilities rather than purchasing a larger financial share in the venture.

How many jobs are impacted by the Woodside operator transition?

Approximately 1200 onshore and offshore positions are affected, with workers transferring from Esso Australia, a subsidiary of ExxonMobil (NYSE:XOM), over to Woodside Energy (ASX:WDS). This headcount shift marks a major expansion of Woodside's corporate and operational presence on the Australian east coast.

What is the timeline for future gas development projects in the basin?

Woodside Energy (ASX:WDS) has not set specific project deadlines because future investment timelines depend heavily on the final design of the federal government's domestic gas reservation system. The proposed reservation policy is currently under consultation and is scheduled to take effect on July 1, 2027.

What does the deal mean for Woodside's geographic market position?

The agreement expands the geographic footprint of Perth-based Woodside Energy (ASX:WDS) by significantly increasing its operational presence on the Australian east coast. Woodside stated that it intends to use this position to develop more gas resources in the Gippsland Basin fields independently.

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Woodside Energy takes over Gippsland Project with 1200 workers

Written by Liezl GambePublished Jul 1, 2026, 12:29 AM

Woodside Energy has assumed the role of operator for the Gippsland Basin oil and gas venture.
The transition will see approximately 1200 workers transfer from Esso Australia to Woodside.
The company aims to develop more gas opportunities within the basin independently.

Woodside Energy (ASX:WDS) has taken over as the operator of the Gippsland Basin venture from ExxonMobil (NYSE:XOM).

Ownership interests in the joint venture will remain split equally between the two energy companies.

The company stated that the transaction marks an operational milestone within the Gippsland region.

Approximately 1200 onshore and offshore workers from Esso Australia will transfer to Woodside.

Following the announcement, the Woodside share price was unchanged at $30.00.

Woodside stated that it plans to develop more gas resources in the basin fields independently.

Future investments remain subject to the final design of the domestic gas reservation system.

Woodside Energy takes over Gippsland Project with 1200 workers

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