Woodside Energy Moves Forward With Louisiana LNG Project

Woodside Energy Group Ltd., Australia’s largest natural gas producer, is on track to greenlight its Louisiana LNG project, marking a strategic shift towards expanding its global footprint. In a recent interview with Bloomberg TV, CEO Meg O’Neill confirmed that the company is in the process of securing partners for the development and expects to make a final decision within the current quarter. The initiative is part of Woodside’s broader plan to diversify its market reach beyond its core Asian customer base.

“We’re aiming to become a more globally impactful LNG player—what we’ve previously described as an LNG powerhouse,” O’Neill said. “The Louisiana LNG project allows us to establish a significant presence in the Atlantic Basin, targeting European consumers.”

Woodside’s move into the Louisiana LNG market comes as the company observes a slowdown in competing LNG projects. However, O’Neill emphasized that Woodside remains open to potential off-take agreements with other players in the sector. She also noted the challenges posed by geopolitical shifts, which are expected to contribute to a volatile market landscape in 2025.

In its latest financial report, Woodside revealed a 115% year-on-year increase in net income, reaching $3.57 billion for 2024, up from $1.66 billion the previous year. This result surpassed analysts’ consensus estimate of $3.36 billion. The company also reported a 4% increase in production, reaching 194 million barrels of oil equivalent.

For the year ahead, Woodside has maintained its production guidance at 186 to 196 million barrels, with approximately 40% of that output coming from LNG operations. However, its underlying profit fell 13% to $2.88 billion, reflecting broader industry challenges.

Following the announcement, Woodside’s stock saw a significant rise, with shares climbing as much as 3.5%, marking their largest intraday gain since October. The stock closed up 2.8% at 3:39 p.m. in Sydney.

The company’s ambitious plans for growth, particularly in the LNG sector, position it to strengthen its global influence amid a shifting energy landscape.