Woodside and Kogas sign 10-year LNG deal

Australia

PERTH, February 28, 2024 – Woodside Energy has signed a sale and purchase agreement to supply Korea Gas Corporation (Kogas) around 500,000 tpy of LNG for a period of 10.5 years, the Australian company announced on Wednesday.

Deliveries are set to commence in 2026 and will be sourced from Woodside’s global portfolio, including the Scarborough Energy Project, which is targeting its first LNG cargo in 2026.

The deal represents Woodside’s first long-term supply agreement into South Korea, the world’s third-largest LNG market. It follows a heads of agreement signed February 23, 2024, with Japanese utility Jera for the sale and purchase of six LNG cargoes per year starting in 2026.

Woodside CEO Meg O’Neil said, “This agreement is further demonstration of ongoing robust demand for Woodside’s products. It reinforces the ongoing contribution of Woodside’s LNG towards the energy security of major customers in the region.”