Woodside Looks to Build ‘Dream Team of LNG’ at Acquired US Plant
(Bloomberg) -- Woodside Energy Group Ltd. is searching for partners for its just-purchased US liquefied natural gas project in a bid to finally launch the troubled development.
“We’ve got an opportunity with the acquisition to put together the dream team of LNG,” said Meg O’Neill, chief executive officer at the Australian oil and gas producer. The company plans to “talk to a number of different players who will have things to add to the venture,” she said in an interview on Tuesday.
Woodside announced the $900 million purchase of Tellurian Inc. on Monday, and is aiming to sell down as much as 50% of the project, with the goal of reaching a final investment decision from first quarter 2025. The American LNG developer had struggled to move its Gulf Coast Driftwood project forward since its founding in 2016.
O’Neill pointed to end-users, like the Japanese gas importers that recently took stakes in Woodside’s Scarborough gas project in Australia, as an example of potential partners. She also mentioned a “high quality infrastructure company,” like Global Infrastructure Partners LP, which invested in the expansion of Woodside’s Pluto facility.
“Those companies share our vision for the role of LNG in meeting the world’s long-term energy needs,” O’Neill said. Woodside can get into advanced discussions with potential partners, but won’t sign anything binding until its deal with Tellurian is closed, she said. The transaction is expected to be completed in the fourth quarter.
Saudi Aramco, which had previously been in talks to purchase a stake in Tellurian, is another potential partner, said Saul Kavonic, an energy analyst at MST Marquee in Sydney. Abu Dhabi National Oil Co., as well as Japanese buyers and US infrastructure players, could also invest in Driftwood, he said.
©2024 Bloomberg L.P.
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