Woodside Signs Agreement for LNG Supply

Source: 2/19/2021, Location: Not categorized

Woodside Energy Trading Singapore Pte Ltd has entered into a sale and purchase agreement (SPA) with RWE Supply & Trading GmbH (RWE) for the supply of LNG from Woodside’s global portfolio for a term of seven years commencing in 2025.

The quantity of LNG to be supplied under the SPA is approximately 0.84 million tonnes per annum. The SPA is not subject to final investment decision (FID) on any project.

The SPA builds on Woodside’s and RWE’s strong relationship developed through existing mid-term and spot business in Asia-Pacific and the Atlantic basin.

Woodside Executive Vice President Development and Marketing Meg O’Neill said the signing of the SPA with RWE was further evidence of the strong market demand for LNG in the second half of this decade.

“Customers are increasingly seeking to secure new energy supplies in a timeframe which supports the development of our Scarborough offshore gas resource and the expansion of the Pluto facility with the addition of a second LNG production train.

“This agreement with RWE is another demonstration of the momentum we are gathering ahead of our targeted FID on Scarborough and Pluto Train 2 in the second half of this year.

“The SPA also provides the opportunity for Woodside and RWE to explore the potential for carbon-neutral LNG production and trading,” she said.

Chief Commercial Officer Origination and Gas Supply at RWE Supply & Trading Andree Stracke said the transaction demonstrated RWE’s ongoing commitment to expanding its global LNG portfolio.

“RWE is delighted to enter into a longer-term LNG supply agreement with Woodside which further reinforces the strong relationship we have developed together over the last years.

“The volumes will continue to enable us to deliver effective LNG solutions to our customers and will provide a platform to further advance our existing business in Asia,” he said.

In October 2020, Woodside and RWE also signed a memorandum of understanding (MOU) to discuss mutually beneficial hydrogen-related opportunities. The MOU supports Woodside’s plans to develop such opportunities.

Hydrogen is expected to play an increasingly important role in the future global energy mix as a carbonneutral fuel. RWE is progressing approximately 30 hydrogen projects, mostly located in Europe.

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