Woodside Energy is floating the possibility of Saudi Arabian Oil Co., known as Aramco, buying a stake in its newly approved Louisiana LNG project, The Wall Street Journal reports.
The two companies have signed a collaboration agreement. Woodside says the nonbinding agreement with Aramco, signed in Saudi Arabia, paves the way for both companies to explore global opportunities. It says those opportunities include Aramco’s potential acquisition of an equity interest in Louisiana LNG and supply of liquefied natural gas from the $17.5 billion project.
Woodside late last month made the decision to build Louisiana LNG, targeting first production of LNG in 2029. Louisiana LNG’s initial phase involves construction of three units able to produce up to 16.5 million metric tons of LNG annually, although Woodside holds permits to produce as much as 27.6 million tons of LNG a year.
While the company pulled the trigger last month to build the project, it has been trying to find investors to buy interest in the project.
