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In February this year, the two firms entered into a binding deal, saying the closing of the transaction is targeted in the second quarter of 2025.
Woodside announced the completion of the deal in a statement on Wednesday.
Under the transaction, Stonepeak will provide $5.7 billion towards the expected capital expenditure for the foundation development of Louisiana LNG on an accelerated basis, contributing 75 percent of project capital expenditure in both 2025 and 2026.
Woodside said the closing payment of approximately $1.9 billion received by the company reflects Stonepeak’s 75% share of capex funding incurred since the effective date of January 1, 2025.
CEO Meg O’Neill said Stonepeak would add further value to the Louisiana LNG project.
“Our partnership with Stonepeak reflects the attractiveness of Louisiana LNG and was a key milestone towards achieving a successful final investment decision. Stonepeak is a high-quality partner, with extensive investment experience across US gas and LNG infrastructure,” she said.
Moreover, O’Neill said the accelerated capital contribution from Stonepeak enhances Louisiana LNG project returns and “strengthens our capacity for shareholder returns ahead of first cargo from the Scarborough energy project in Western Australia, targeted for the second half of 2026.”
“We continue to see strong interest from additional potential partners in Louisiana LNG,” she added.
$17.5 billion Louisiana LNG project
In April, Woodside made a final investment decision to develop the three-train, 16.5 mtpa Louisiana LNG project.
The total capital expenditure for the LNG project, pipeline, and management reserve is $17.5 billion.
Woodside noted that the development has expansion capacity for two additional LNG trains and is fully permitted for a total capacity of 27.6 mtpa.
Bechtel is the engineering, procurement, and construction contractor, under a lump sum, turnkey agreement, while the facility utilizes Chart’s liquefaction technology and Baker Hughes gas turbines.
In addition to Stonepeak, Woodside recently signed a non-binding collaboration agreement with Saudi Arabia’s energy behemoth Aramco to explore global opportunities.
This includes Aramco’s potential acquisition of an equity interest in and LNG offtake from the Louisiana LNG project.