Woodside signs new US LNG purchase deal

Woodside Petroleum has signed a flexible, long-term deal to purchase LNG from a US Gulf Coast LNG export project, underlining the expected international competitiveness of gas sourced from the fast-growing US export market.

The heads of agreement inked with Commonwealth LNG involves purchasing 2 million tonnes a year of LNG from Commonwealth’s proposed export terminal in Cameron, Louisiana over 20 years. Purchases are scheduled to start in the June quarter of 2026. Chief executive Meg O’Neill said the non-binding deal “secures access to competitive LNG in the Atlantic Basin and provides Woodside with the ability to build market scale through acquiring low-cost supply”.Bloomberg

Commonwealth, led by founder Paul Varello, is planning an 8.4 million-tonnes-per-year LNG liquefaction facility involving six trains on the west bank of the Calcasieu Ship Channel at the mouth of the Gulf of Mexico, with start-up planned in the second quarter of 2026. It describes the project as a “next-generation” export facility, one designed to accommodate the changing requirements of buyers as regards the length of supply contracts, pricing and flexibility. It will also use a modular construction method, involving mostly off-site construction work, to minimise cost and development timing.fuelled by its huge source of cheap shale gas that transformed it from a net gas importer to a top exporter in less than a decade.

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