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LNG, Natural Gas
May 22, 2025
HIGHLIGHTS
Woodside has 'luxury of being able to choose our partners'
Encouraged by initial China-US deal to find pathway to restore trade normality
'I am positively inclined to the role of LNG in China into the future': O'Neill
Australia's Woodside Energy is "well advanced with several partners" in its talks to select partners and offtakers for its operated Louisiana LNG project, CEO Meg O'Neill told Platts, part of S&P Global Commodity Insights, on May 22.
"We're well advanced with several partners, but there are also companies that have said they're interested, and now that we have more momentum, we've got the luxury of being able to choose our partners," O'Neill said in an online interview from Beijing, where she was attending the 29th World Gas Conference (WGC2025).
However, O'Neill declined to elaborate on "any particular potential counterparties" in the ongoing talks for the three-train, 16.5-million-mt/year Louisiana LNG project, for which Woodside announced a final investment decision on April 29 and is targeting first LNG in 2029.
O'Neill's comments come as Woodside said May 14 that it had signed a non-binding collaboration agreement with Saudi Aramco to explore global opportunities, including Aramco's potential acquisition of an equity stake and LNG offtake from the US Louisiana LNG project.
"That's the only one that we have announced a counterparty," O'Neill said. "But that's super exciting. As you know, Aramco is one of the premium companies in our industry, and we're very excited about the collaboration agreement with them."
When asked about the timelines for selecting its partners and LNG offtakers, O'Neill said, "We'll be disciplined. We want the right partner at the right price."
"And for offtake, we want to be in the market on a more continuous basis. So we're talking to customers on an ongoing basis. And when we get to the point of having material sales agreements to announce, we will announce," she added.
Woodside said April 7 that it had agreed to sell a 40% stake in Louisiana LNG Infrastructure LLC, which owns and constructs the liquefaction infrastructure and common user facilities, to the US-based global investment company Stonepeak.
The Woodside-operated Louisiana LNG LLC, where the Australian company is seeking potential strategic partners, will hold the remaining 60% of Louisiana LNG Infrastructure LLC.
When taking the FID, O'Neill said Woodside also issued a notice to proceed to Bechtel for Louisiana LNG to begin construction on the full project.
"When we took the final investment decision, we immediately issued the notice to proceed," she said.
Woodside's Louisiana LNG FID also comes at a time when China has not imported any LNG cargoes from the US since the first wave of tariffs in February, according to S&P Global Commodities at Sea data. All of the US-based volumes originally destined for Chinese terminals have either been swapped or diverted into the spot market.
"I think the recent actions are, in many ways, a demonstration of how the LNG market has become more global and more liquid. 20 years ago or 30 years ago, the LNG market was very much point-to-point sales from one particular supplier to one particular customer," O'Neill said.
"But as the market has grown, it has become much deeper and much more liquid, which means that China is able to meet its energy needs by bringing in LNG from other suppliers such as the Middle East or Australia," she added.
Asked to comment on what the current situation could mean for US LNG developers seeking to secure Chinese LNG customers for their projects, O'Neill said, "It doesn't really affect Woodside. We have already taken a final investment decision on our Louisiana LNG project because we have confidence in our ability to secure LNG offtake contracts over the long term."
"The current trade tensions may be headwinds for other projects that need those 20-year agreements," she added.
Commenting on the recent China-US trade talks in Geneva, O'Neill said, "We're encouraged by the initial agreement between China and the US to try to find a pathway through the tariff disputes and to restore trade normality."
At the WGC2025, O'Neill said, "It's been a really great opportunity to connect particularly with Chinese customers and business partners and have very open discussions about what their business brings and their future gas needs."
"China is very impressive. They're taking an approach of 'all of the above' to their energy security. But it's very clear that LNG is part of that 'all of the above' solution. So I am positively inclined to the role of LNG in China into the future," she added.