This story requires a subscription
This includes a single user license.
The Perth-based LNG player revealed this in its 2024 report on Tuesday.
The project was 78 percent complete at the end of the fourth quarter.
Woodside also said in the update that fabrication of the FPU topsides structure is complete and pre-commissioning works are underway, while the FPU hull is in the second dry dock in preparation for topsides integration.
The company also said that module fabrication started for the Pluto Train 1 modifications project.
Woodside received the final modules from Indonesia at the Pluto Train 2 project site in Western Australia in December.
Last year, Woodside revised the total project cost estimate to $12.5 billion ($8.2 billion Woodside share), a 4 percent increase from the previous cost estimate at FID of $12 billion.
Moreover, Woodside and Saipem completed the installation of the project’s trunkline in October last year.
When operational, the 433 km trunkline will transport gas from the offshore Scarborough field to the onshore Pluto LNG processing facility in Karratha.
In November 2021, Woodside took a final investment decision on the Scarborough and Pluto LNG Train 2 developments.
Woodside’s Pluto LNG terminal currently has one train with a capacity of 4.9 mtpa and Woodside and US engineering and construction firm Bechtel started building the second Pluto train in 2022.
Profit
Woodside said its net profit after tax (NPAT) for 2024 was 115 percent higher year-on-year at $3.6 billion.
Moreover, underlying NPAT decreased 13 percent from the previous year to $2.88 billion, primarily due to lower realized oil and gas prices, it said.
Woodside has determined a final dividend of $53 cents per share (cps), which brings the full-year fully franked dividend to $122 cps and maintains payout ratio at the top of the target range at 80 percent.
Louisiana LNG talks
In October 2024, Woodside acquired all issued and outstanding Tellurian common stock for about $900 million cash, or $1.00 per share. The implied enterprise value is about $1.2 billion.
Woodside also renamed Tellurian’s Driftwood LNG project Woodside Louisiana LNG.
In December 2024, Woodside signed the revised EPC contract with US engineering and construction firm Bechtel for the Louisiana LNG export project.
The lump sum turnkey deal is for the three-train 16.5 million tonnes per annum foundation development of Louisiana LNG.
Woodside said total Louisiana LNG expenditure from December 2024 to the end of the first quarter of 2025 is forecast to be up to $1.3 billion, which is included in the overall estimated cost for the foundation development.
“Louisiana LNG is an advantaged US Gulf Coast project, fully permitted for 27.6 Mtpa of LNG production, with a competitively priced EPC contract with Bechtel and with civil works largely de-risked,” Woodside CEO Meg O’Neill said.
“This compelling opportunity is attracting interest from high-quality partners, and we are progressing towards readiness for a final investment decision from the first quarter of 2025,” she said.