Woodside Energy will receive a $1 billion loan from the Japan Bank for International Cooperation (JBIC) to support the Scarborough LNG project’s development, the company announced May 30.
The project will be part of Woodside’s Scarborough gas field, located about 230 miles off the northwest coast of Australia. The project’s first LNG cargo is scheduled for 2026. At full production, Scarborough is projected to produce 8 MMmt/y of LNG.
“Investment in new Australian LNG supply, like Scarborough, can help Japanese customers meet their energy security needs while also supporting regional decarbonization goals,” Woodside CEO Meg O’Neill said in a press release.
Woodside and JBIC already have an agreement in place to develop a stable supply of emissions-reducing power supplies and have made financing agreements on two other projects, according to a press release from Woodside.
Woodside has also been active in LNG development in the western hemisphere. In June 2023, the company made a $7.2 billion final investment decision on its Trion development offshore Mexico with partner Pemex.
Recommended Reading
Shell Taps Advanced Ionics for Electrolyzer Pilot Project
2024-09-17 - Part of Shell’s GameChanger program, the pilot project is intended to help scale Advanced Ionics’ Symbion electrolyzer technology and move it toward commercialization.
1PointFive Taps Enterprise Products for CO2 Pipeline Network
2024-10-28 - The network will carry captured carbon from the Houston Ship Channel to a southeast Texas sequestration hub.
Mantel Receives Funding to Commercially Deploy Carbon Capture System
2024-09-06 - Mantel Capture Inc. raised $30 million for the demonstration of its high-temperature carbon capture system at an industrial site, paving the way for eventual commercial deployment.
Shell Shelves Norway Hydrogen Project Due to Lack of Demand
2024-09-23 - Shell has scrapped plans for a low-carbon hydrogen plant on Norway's west coast due to a lack of demand, the energy company said on Sept. 23, days after Equinor cancelled a similar planned project in Norway.
BOEM Greenlights Atlantic Shores South Offshore Wind Project
2024-10-02 - The approval pushes the U.S. closer to its goal of deploying 30 gigawatts of offshore wind energy capacity by 2030.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.