Woodside has finalised an SPA with Korea Gas Corporation (KOGAS) for the supply of LNG to Korea.  

The deal, set to commence in 2026, will see approximately 500,000t of LNG delivered annually over a period of 10.5 years. 

Woodside said the LNG for this agreement will be sourced from its uncommitted global portfolio, including the Scarborough Energy Project, which is on track to deliver its first LNG cargo in 2026.  

This project, located off the north-west coast of Western Australia (WA), is notable for its low CO₂ content, which is less than 0.1%. 

Woodside CEO Meg O’Neill said the SPA is key as the company’s first long-term LNG supply deal for Korea, a major LNG market. 

O’Neill added: “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.  

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“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: “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.” 

In a strategic move last week, Woodside sold a 15.1% stake in the Scarborough gas project to Japan’s JERA for approximately $1.4bn (Y210.95bn).  

The transaction was accompanied by a non-binding heads of agreement with JERA for the annual sale of six LNG cargoes over ten years, starting in 2026. 

The Scarborough gas field’s output will be processed at the Pluto LNG facilities, which are expected to peak at around eight million tonnes per annum. 

Recently, Woodside ended merger talks with Santos, which could have created an oil and gas entity valued at more than $50bn.