Woodside Energy has played down forecasts of an LNG supply glut as it backed in gas and oil to still be providing the lion’s share of its earnings well into the 2030s.

Australia’s biggest independent energy company told investors on Wednesday that oil and gas were expected to make up 90 per cent of Woodside next decade as it tipped production to jump at least 50 per cent to 300 million barrels of oil equivalent by 2032.

Chief executive Meg O’Neill said the growth would be dominated by existing and new fossil fuel projects in the US and Australia, supplemented by “focused” investments in new energy opportunities.

The combination, she told an investors’ briefing in Sydney, would help set “a pathway” for Woodside to achieve a 50 per cent increase in dividends out to 2032.

Net operating ca

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