Woodside pens LNG cooperation deal with Japan’s JBIC

Australian LNG producer Woodside said it had signed a deal with the Japan Bank for International Cooperation (JBIC) aimed at securing a stable supply of energy for Japan.

Woodside CEO, Meg O’Neill, and JBIC deputy governor, Amakawa Kazuhiko, met in Tokyo on Tuesday to sign the non-binding memorandum of understanding, which aims to promote cooperation in the LNG sector and the development of new energy products and lower-carbon services, according to a Woodside statement.

Under the terms of this deal, the parties would identify potential projects which Woodside may be able to collaborate on with Japanese companies, in the areas of LNG supply, and new energy products and lower-carbon services.

LNG supply projects could include Woodside’s Scarborough project and proposed Browse and Sunrise developments, the firm said.

Also, new energy products and lower-carbon services could include hydrogen, ammonia, carbon capture and storage and carbon capture, utilization and storage, it said.

O’Neill said in the statement that Woodside’s relationships with the Japanese government, customers and business partners date back to the critical Japanese investment in the Woodside-operated North West Shelf project in the 1980s, which included JBIC (then Export-Import Bank of Japan) extending its first ever project financing.

“Japanese buyers underpinned the project by signing long-term gas supply agreements, which began with the first Australian LNG cargo arriving in Japan from the Karratha Gas Plant in 1989,” she said.

The collaborations entered a new phase in 2008 when JBIC signed a loan agreement totaling up to $1 billion with Woodside as part of a co-financing arrangement for the Pluto LNG project.

“This collaboration with JBIC will enable us to continue working cooperatively with our friends in Japan on our shared goals of energy security, pursuing decarbonization opportunities and sustained prosperity for the Asia Pacific region,” O’Neill said.

Most Popular

Seapeak books $19.3 million charge as it lays off seafarers on steam LNG carriers

Stonepeak’s Seapeak booked $19.3 million of restructuring charges in the second quarter of this year, primarily due to laying off its Spanish seafarers working on steam LNG carriers.

Golar moving forward with new FLNG order

Floating LNG player Golar LNG is moving forward with its plans to order its fourth FLNG conversion. In order to secure "attractive" delivery, Golar plans to enter into slot reservations for long-lead equipment within the third quarter of this year.

Hanwha’s units, Kospo to jointly buy US LNG

South Korea's Hanwha Aerospace and Hanwha Energy, units of Hanwha, are teaming up with compatriot Korea Southern Power (Kospo) to jointly buy US liquefied natural gas (LNG) supplies.

More News Like This

Woodside scraps US hydrogen project

Australian LNG player Woodside has scrapped its proposed H2OK hydrogen project in Ardmore, Oklahoma.

Australia’s Woodside retires second NWS LNG train

Australian LNG player Woodside has completed the permanent retirement of the second LNG train at its North West Shelf LNG terminal in the Pilbara region of Western Australia due to declining natural gas supplies.

Work progresses on Woodside’s Louisiana LNG export plant

Australian LNG player Woodside is moving forward with construction work on its Louisiana LNG export terminal.

Woodside inks LNG collaboration pact with Hyundai Engineering, Hyundai Glovis

Australian LNG player Woodside has signed a non-binding memorandum of understanding with South Korea's Hyundai Engineering and Hyundai Glovis, establishing a strategic framework to collaborate on LNG project development, engineering services, and shipping logistics.