762f08fc-08b9-424f-8d5b-2bb1db5d0f53.pdf


SUSTAINABLE DEVELOPMENT REPORT 2015




ON THE COVER

Woodside and our employees donated funds and equipment to help children, their families and communities recover from flooding in Myanmar in 2015.


PHOTO

Dan Clery, Woodside Myanmar Country Manager, presenting education packs to children in Tharbaung Township.



Our Compass


The Woodside Compass sets out our core values and guides us on our journey.


Our Sustainable Development Report 2015


WHO WE ARE

INTEGRITY

We are open, honest and fair. We do what we say we will do. We have the courage to do the right thing.

RESPECT

We give everyone a fair go. We listen.


WHERE WE'RE GOING

OUR MISSION

To deliver superior shareholder returns.

OUR VISION

Our aim is to be a global leader in upstream oil and gas.

OUR STRATEGIC DIRECTION


SUSTAINABLE DEVELOPMENT REPORT 2015

Visit our website to learn more about our sustainability approach and performance for 2015.

Further information at woodside.com.au/ working-sustainably

WORKING SUSTAINABLY

We are here for the long term. We look after each other, our communities and the environment. We keep each other safe.

WORKING TOGETHER

We are on the same team.

We build long-term partnerships.

DISCIPLINE

We play by the rules. We set goals and we hold ourselves to account.

EXCELLENCE

We achieve great results. We learn. We get better.

Maintain our leading Australian position by optimising our producing assets and commercialising our growth projects and other premium opportunities.

Grow our portfolio by leveraging our core capabilities for global upstream growth.


HOW WE'LL GET THERE

PARTNER OF CHOICE

We are the premium choice for partnerships based on our distinctive capabilities, culture and track record as a great partner.

ENGAGED PEOPLE

We work for a highly regarded and successful company. We are part of a team working together for great results and have opportunities to contribute and grow.

FUNCTIONAL EXCELLENCE

We leverage our core capabilities and the latest technology to create new opportunities and sharpen our competitive edge.

DECISION EFFECTIVENESS

We make and execute decisions in line with our business priorities and our values

Our Annual Report 2015


Our Annual Report 2015 is a summary of Woodside's operations, activities and financial position as at 31 December 2015. Copies of the Annual Report 2015 are available on request or from the company's website.


Further information at woodside.com.au


Additional information available online and within this report


In this report, we have indicated where additional information is available online, in other sections of this report and the

Woodside Annual Report 2015 like this .


We have partnered with Green ReportsTM in an initiative that ensures that communications minimise environmental impact and creates a more sustainable

future for the community. SCS-COC-004440

OVERVIEW


ABOUT THIS REPORT CONTENTS


Scope

This report provides a summary of Woodside's sustainability approach, actions and performance for the year to 31 December 2015. The report was approved by the Woodside Board of Directors on 18 March 2016.

Woodside Petroleum Ltd (ABN

55 004 898 962) is the parent company of the Woodside group of companies. In this report, unless otherwise stated,

references to 'Woodside', the 'Company' and the 'Group' refer to Woodside Petroleum Ltd and its controlled entities.

The information in this report covers all sites and production facilities wholly owned and operated by Woodside or which are operated by Woodside in a joint venture.

Our share of production and revenues from non-operated assets is reported on an equity share basis. In these instances, we have only reported the Woodside interest. Environmental performance data is reported on both a total and a Woodside equity share basis as appropriate. Health, safety and people data is reported as total. Health and safety data includes international exploration activity.

All dollar figures in this report are expressed in US currency, unless otherwise stated.


Reporting approach

We have prepared this report in accordance with the Global Reporting Initiative (GRI) G4 core level reporting.

We report on comprehensive disclosures in the area of governance, ethics and integrity to ensure consistency of reporting from previous years. The GRI guidelines provide a globally accepted framework of principles and indicators for reporting an organisation's economic, environmental and social practices

and performance. This report includes indicators from the GRI G4 Oil and Gas Sector Disclosures.

Woodside has also reported in accordance with IPIECA, Oil and Gas Industry Guidance on Voluntary Industry Reporting (2015). IPIECA is the global oil and gas industry association for environmental and social issues.


A GRI and IPIECA content index, which cross references the GRI and IPIECA indicators to the relevant sections of this report and the Annual Report 2015, is summarised on page 46 and can be found on our website.

In determining the report content, we have been guided by the AA1000 principles, which cover inclusivity, materiality and responsiveness. The

AA1000 standard provides a framework for our organisation to identify, prioritise and respond to sustainability challenges.


Inclusivity

We acknowledge the importance of stakeholder participation in developing and implementing our response to sustainability reporting. We sought the opinions of stakeholders as part of the materiality process which helped to define the content of this report. More information on our diverse stakeholders, their issues and our responses can be found on pages 14 to 15.


Materiality

Issues are considered material if they have the potential to impact our ability to achieve our business strategy or affect our reputation, or they are of material concern to our stakeholders. The materiality assessment process is discussed on

page 16. This year we have included case studies to support each material issue. An explanation of key issues can be found on page 16.


Responsiveness

The report aims to respond to those issues identified as material for Woodside and its stakeholders. Information on our responses to stakeholder concerns about specific material issues can be found on pages 18 to 27.


External assurance

Ernst & Young has conducted reasonable assurance over information in the Sustainable Development Report 2015 related to Woodside's material issues and limited assurance over the balance of the report.

A copy of Ernst & Young's assurance statement is on page 53.

Overview 1

About this report 1

About Woodside 2

Our areas of activity 3

Message from our Chief Executive Officer 4

Message from our Sustainability Committee 5

Woodside value chain 6

Our approach to sustainability 8

Our supply chain 9

Governance and transparency 10

Sustainability targets 12

Understanding our stakeholders 14

Key issues 16

Materiality 16

Materiality matrix 17

Major incident prevention and response 18 Climate change policy and response 20

Global health and safety performance 22

Technical integrity 24

Regulatory compliance 26

People and safety 28

Working at Woodside 28

Health and safety 32

Environment 35

Environmental incidents 36

Greenhouse gas emissions 36

Energy use 36

Biodiversity and ecosystems 37

Society 38

Engagement and managing impacts 39

Grievance mechanism 39

Managing human rights 39

Social contribution 40

Working with Indigenous peoples 41

Economic 42

Our contribution 43

Our resilience 44

GRI and IPIECA index 46

Data tables 48

Health and safety performance 48

Environmental performance 49

People 50

Supporting information 51

Notes and definitions 51

Glossary 52

Assurance statement 53

WOODSIDE PETROLEUM LTD OVERVIEW 1

OVERVIEW

KEY ISSUES

PEOPLE AND SAFETY

ENVIRONMENT SOCIETY ECONOMIC


ABOUT WOODSIDE


We are an Australian-based oil and gas company with a global presence, recognised for world-class capabilities - as an explorer, a developer,

a producer and a supplier.


Our mission is to deliver superior shareholder returns through realising our vision of becoming a global leader in upstream oil and gas.

Wherever we work, we are committed to living our values of integrity, respect,

working sustainably, discipline, excellence and working together.

Our operations are characterised by strong safety and environmental performance in remote and challenging locations.

We recognise that long-term meaningful relationships with communities are fundamental to maintaining our licence to operate, and we work to build mutually beneficial relationships across all locations where we are active.

Our producing LNG assets in the north-west of Australia are among the world's best facilities.

Today, our exploration portfolio includes emerging and frontier provinces in Australia and the Asia-Pacific region, the Atlantic margins, Latin America and

Sub-Saharan Africa.

We have significant equity interests in high-quality development opportunities.

Through collaboration, we leverage our capabilities to progress our growth strategy. Since 1984, we have been

operating the landmark Australian project, the North West Shelf, and it remains one of the world's premier LNG facilities.

In 2012, we added the Pluto LNG Plant to our onshore operating facilities.

We operate floating production, storage and offloading vessels, and we have an excellent track record of efficient and safe production.

We are growing our portfolio through acquisitions and exploration while maintaining a disciplined approach to ensure that we continue to increase shareholder value and appropriately manage risk.

Known as a reliable and safe energy supplier, we have enduring relationships with foundation customers throughout the Asia-Pacific region which span more than 25 years.

We believe technology and innovation are essential to unlocking future growth and commercialising assets. We continually expand our technical knowledge, discover new solutions and learn valuable lessons. We are pioneering remote support and the application of artificial intelligence and advanced analytics in our operations.

We are open and honest in our relationships. Sharing ideas and aspirations, we have the courage to always do the right thing for our people, partners, customers and communities.



Woodside-operated Karratha Gas Plant, North West Shelf Project.


2 WOODSIDE PETROLEUM LTD SUSTAINABLE DEVELOPMENT REPORT 2015

Woodside Petroleum Ltd. issued this content on 18 March 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 18 March 2016 06:38:08 UTC

Original Document: http://www.woodside.com.au/Investors-Media/announcements/Documents/18.03.2016 2015 Sustainable Development Report.pdf