Woodside Energy Group Ltd said Monday it had signed an agreement to supply Turkiye’s state-owned Boru Hatlari ile Petrol Tasima AS (BOTAS) about 500,000 metric tons a year of liquefied natural gas for nine years, mostly from the under-construction Louisiana LNG project.
The deal finalizes the non-binding heads of agreement they signed September for a volume with a gas equivalent of 5.8 billion cubic meters (204.83 billion cubic feet), Australia’s Woodside said in an online statement.
Deliveries are to start 2030. “Under the agreement, LNG will be supplied primarily from the under-construction Louisiana LNG project in the United States as well as from Woodside’s broader portfolio”, Woodside said.
Woodside executive vice president and chief commercial officer Mark Abbotsford said, “This supply agreement with BOTAS represents a strategic milestone for Woodside given it is our first long-term LNG supply arrangement with the Turkish market”.
“It is yet another demonstration of the strength and flexibility of Woodside’s diversified portfolio and ability to deliver on our global ambitions”, Abbotsford added.
Woodside noted the deal had been supported by the United States government.
On April 30 Woodside announced a final investment decision (FID) on Louisiana LNG, formerly Driftwood LNG, with a projected gross capital spend of $17.5 billion.
The Gulf Coast project holds a permit from the U.S. Department of Energy (DOE) to export a cumulative 1.42 trillion cubic feet a year of natural gas equivalent, or 27.6 million metric tons per annum (MMtpa) of LNG according to Woodside, to both FTA and non-FTA countries. The DOE authorization was first granted – later amended – February 2017 for the portion for countries with a free trade agreement (FTA) with the U.S. and May 2019 for the non-FTA portion.
The FID is for phase 1, which involves three liquefaction trains with a combined capacity of 16.5 MMtpa.
In Australia, Woodside operates two liquefaction facilities already in production: North West Shelf (NWS) and Pluto.
Woodside is nearing completion for Pluto’s expansion, or the Scarborough Energy Project. The Scarborough Energy Project includes the development of the Scarborough gas field, construction of a second gas processing train for Pluto LNG with a capacity of five MMtpa and modifications to Pluto Train 1, according to Woodside. Excluding train 1 modifications, Scarborough Energy was 91 percent complete at the end of the third quarter, according to the company’s quarterly report October 22.
At NWS, the Australian government early this year approved Woodside’s request to extend the operating life of the project’s Karratha gas processing plant beyond 2030, as announced by Woodside January 20.
An ownership change at NWS is pending under a swap transaction between Woodside and Chevron Corp.
“Under the proposed transaction, Chevron Australia will transfer to Woodside its 16.67 percent non-operated interest in the North West Shelf Project, NWS Oil Project and its 20 percent non-operated interest in the Angel Carbon Capture and Storage (CCS) Project”, Chevron Australia announced December 19, 2024.
Upon the completion of the transaction, Woodside will hold a 50 percent stake in the NWS Project, 66.67 percent in the NWS Oil Project and 40 percent in Angel CCS.
“Chevron Australia will acquire Woodside’s 13 percent non-operated interest in the Wheatstone Project and 65 percent operated interest in the Julimar-Brunello Project”, added the statement on Chevron Australia’s website.
The parties expect to complete the transaction next year.
To contact the author, email jov.onsat@rigzone.com
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