Woodside and Aramco sign Louisiana LNG agreement
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The news: Gas giant Woodside has entered a non-binding agreement with Saudi Arabia's majority state-owned fossil fuels giant Aramco to explore global opportunities.
The deal includes a potential acquisition of an equity investment and an LNG offtake agreement from the Louisiana LNG project. The two companies are also exploring a potential collaboration in lower-carbon ammonia.
The numbers: Woodside shares were up 2.53% to $22.12 in early trading as the wider energy sector rallied.
The context: Last month, Woodside made a final investment decision to develop the 16.5 million tonnes per annum Louisiana LNG development on 29 April after selling 40% of its stake to investment firm Stonepeak earlier that month.
Woodside is targeting first LNG on the USD17.5 billion ($27.2 billion) project in 2029.
The source: Woodside media release
