The plan "reflects a new focus on measurable outcomes rather than individual activities, and represents the next chapter in the 40-year history of the company's relationship with indigenous Australia", the oiler said.
Woodside said its third RAP had been a prominent part of its indigenous and community engagement strategy for the past two years, developing a new approach aimed reporting on outcomes rather than activities.
It had become clear that over the past eight years it was not always possible to say that its reconciliation-related activities were making a real difference to the lives of indigenous people or the business.
"This lack of hard data prevents us from seeking the most effective ways to continue improving our performance," Woodside said.
The RAP is Woodside's third multi-year strategy and builds on work that began in 2010 when it became the first oil and gas company to publish a similar strategy.
It intends to supplement its latest strategy with annual reports, of which this week's was the first.
Woodside CEO Peter Coleman said the RAP aimed to build even stronger relationships between the company and indigenous communities.
"Woodside strives to continuously improve all aspects of its business, and now we are stretching ourselves to take the next step on our Reconciliation Action Plan," he said.
"Woodside's RAP is about making a real difference. It is a strategic five-year plan that moves us forward from focusing on activities to actually measuring how we deliver and holding ourselves accountable for our commitments."
Woodside's new approach has been endorsed by Reconciliation Australia, which has assessed the company's RAP in its top-ranked ‘Elevate' rating category.
"Reconciliation Australia congratulates Woodside on its leadership and forward thinking in its approach to its RAP program," Reconciliation Australia CEO Justin Mohamed said in a statement.
"Woodside is going beyond undertaking activities to look at and measure overall results, which will in turn lead to social change and meaningful outcomes for Aboriginal and Torres Strait Islander people in Australia."
Woodside's first annual RAP report highlighted achievements in 2016, including: an increase in the number of directly employed Indigenous people from 94 to 103, representing 3% of the workforce; a further 83 Indigenous people employed by suppliers and community partners on Woodside-funded; and 16% growth - three times target rate - in cumulative contract awards to indigenous businesses.
Woodside said it would continue to work with Reconciliation Australia to share its outcomes-based approach and learnings with the RAP community.
