Woodside and KOGAS Sign Agreement for Long-tern LNG Supply

Source: 2/28/2024, Location: Asia

Woodside has signed a sale and purchase agreement (SPA) with Korea Gas Corporation (KOGAS) for the long-term supply of liquefied natural gas (LNG) to Korea.

The SPA provides for the supply of approximately 0.5 million tonnes per annum of LNG for a period of 10.5 years on a delivered basis, commencing in 2026 subject to customary conditions precedent.

LNG delivered to KOGAS under the SPA will be sourced from uncommitted volumes across Woodside’s global portfolio, including the Scarborough Energy Project which is targeting first LNG cargo in 2026.

Woodside CEO Meg O’Neill said the SPA was significant as Woodside’s first long-term supply agreement into Korea, the world’s third largest LNG market.

She said the agreement reinforced the ongoing contribution of Woodside’s LNG towards the energy security needs of major customers in the region.

'Woodside is pleased to be a long-term supplier of LNG to KOGAS, a leading global energy company and one of the world’s largest LNG importers.

'This agreement is further demonstration of ongoing robust demand for Woodside’s products from major energy customers in our region.

'Our LNG can help customers such as KOGAS meet their energy security needs, while also supporting regional decarbonisation goals.'

KOGAS President and CEO Choi Yeon-hye said she was pleased to conclude the SPA with Woodside.

'This SPA has enabled KOGAS to enlarge the customer base in the domestic power market, reinforcing our role as a leading natural gas supplier in Korea.

'By leveraging this SPA, we look forward to further expanding our business opportunities with Woodside in the LNG industry.'

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