The transaction amounted to about AU$900 million in cash, or AU$1 per share.
Woodside has now changed the name of the fully permitted Driftwood asset to Woodside Louisiana LNG.
The company said the project represents a major growth opportunity for its portfolio, with inbound communications already received from multiple parties looking to collaborate as strategic partners.
“Woodside is a highly credible operator, with better access to financial resources and a greater ability to manage offtake risk, and I am confident it is the right developer to take Driftwood forward,” he added.
Woodside Louisiana LNG is an LNG production and export terminal located in Calcasieu Parish, Louisiana. It is currently under construction and is pending a final investment decision.
Its total permitted capacity stands at 27.6 million tonnes per annum (mtpa), with four phases of development planned. Phase 1 will involve 11 mtpa, while Phase 2 will entail 5.5 million mtpa.
A final investment decision for Phase 1 is set for after the first quarter of 2025. The company and its engineering, procurement and construction contractor Bechtel have already completed substantial work to get to this stage.
Woodside is also looking to curb net equity Scope 1 and 2 emissions by 2030 and reaching net zero by 2050.
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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