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Commonwealth LNG Sign Woodside Agreement

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Commonwealth LNG, a subsidiary of Commonwealth Projects (Commonwealth), and Woodside Energy Trading Singapore Pte Ltd, a subsidiary of Woodside Energy Group Ltd (Woodside), are converting their non-binding heads of agreement (HoA) into two binding LNG Sale and Purchase Agreements (SPAs), signed September 2, 2022.

The SPAs are for the supply of up to 2.5 million tons per annum (Mtpa) of LNG over 20 years from Commonwealth’s LNG export facility under development in Cameron Parish, Louisiana. Key terms in the HoA previously announced on 19 January 2022 remain unchanged in the binding SPAs, with first deliveries expected to commence in mid-2026. The SPAs will become fully effective upon the satisfaction of customary conditions, including an affirmative final investment decision on the project.

Paul Varello, Commonwealth executive chairman, said: “We’re very pleased to have Woodside involved in our project. Woodside is known throughout the LNG industry for its keen technical capabilities and commercial agility. These SPAs establish Woodside as a cornerstone customer and mark a major milestone in the development of Commonwealth LNG.”

Farhad Ahrabi, Commonwealth president and CEO, said: “Our modular construction approach allows Commonwealth LNG to provide greater cost and schedule certainty to customers as we deliver affordable, reliable, cleaner energy to meet global demands. We’re proud to have an international LNG customer of Woodside’s stature recognize these advantages and show this level of commitment.”

Meg O’Neill, Woodside CEO, said the agreements provided the basis for a long-term partnership with Commonwealth LNG: “The agreements secure for Woodside low-cost LNG volumes in the Atlantic Basin in a period of expected strong demand as Europe seeks alternatives to Russian pipeline gas.”

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