Woodside and LNG Japan seal Scarborough partnership

PERTH, March 27, 2024 – Woodside has formally completed the sale to LJ Scarborough (LNG Japan) of a 10% non-operating interest in Scarborough Joint Venture for USD 910 million, the Australian company announced on Tuesday.

LJ Scarborough is a jointly owned subsidiary of LNG Japan and Japan Organization for Metals and Energy Security (JOGMEC).

The transaction follows the announcement in August 2024 of a strategic partnership between Woodside and LNG Japan contemplating an equity participation in the Scarborough gas project, potential LNG offtake for sale in the Japanese market and potential collaboration on new energy opportunities.

The USD 910-million consideration is subject to adjustments.

Woodside CEO Meg O’Neill said, “LNG Japan’s commitment to the Scarborough Joint Venture is a demonstration of the value our customers place on gas as a long-term source of energy as they navigate the energy transition. Completion of the sale to LNG Japan is a significant milestone as we progress toward first LNG cargo from Scarborough targeted in 2026.”

In February, Woodside sold a 15.1% non-participating stake in Scarborough to Japanese utility JERA for approximately USD 1.4 billion. Following both transactions, Woodside retains a 74.9% interest in Scarborough and remains the operator of the project.

Photo of Pluto LNG onshore facility courtesy of Woodside Energy

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