Woodside secures $1 billion for LNG project from JBIC

Woodside secures $1 billion for LNG project from Japan’s JBIC

Australia

PERTH, May 30, 2024 – Woodside Energy has secured a USD 1-billion loan from the Japan Bank for International Cooperation (JBIC) to fund its Scarborough gas and LNG project, the Australian company announced on Thursday.

The agreement follows a November 2022 MoU signed by Woodside and JBIC aimed at securing a stable supply of energy for Japan and to assist in achieving its decarbonisation goals.

“JBIC has supported all of Woodside’s milestone Australian projects including the North West Shelf, Pluto LNG and now Scarborough,” Woodside CEO Meg O’Neill said.

“Investment in new Australian LNG supply, like Scarborough, can help Japanese customers meet their energy security needs while also supporting regional decarbonisation goals.”

In February, Japanese utility JERA signed a binding sale and purchase agreement for a 15.1% non-operating participating interest in the Scarborough project. The transaction followed the sale in August 2023 of a 10% participating interest to LNG Japan for USD 500 million.

The Scarborough field is located about 375 kilometres off the Pilbara coast of Western Australia. Production is projected at about 8 million tonnes per year, with the first LNG cargoes expected out in 2026.