Australia's Woodside signed a sale and purchase agreement with Korea Gas Corporation (KOGAS) for the long-term supply of liquefied natural gas (LNG) to Korea, Woodside announced on Wednesday.
The agreement covers the supply of approximately 0.5 million tonnes of LNG per year for a period of 10.5 years on a delivered basis, commencing in 2026 and subject to customary conditions.
Under the agreement, LNG delivered to KOGAS will be sourced from uncommitted volumes across Woodside鈥檚 global portfolio, including the Scarborough Energy Project, which targets its first LNG cargo in 2026.
Woodside CEO Meg O鈥橬eill said the agreement was significant as Woodside鈥檚 first long-term supply agreement to Korea, the world鈥檚 third-largest LNG market.
She added that the agreement reinforced the ongoing contribution of Woodside鈥檚 LNG to 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鈥檚 largest LNG importers. This agreement is further demonstration of the ongoing robust demand for Woodside鈥檚 products from major energy customers in our region," she said.
KOGAS was established in 1983 and has become one of the world鈥檚 biggest LNG buyers. It imports LNG mainly from Australia, the US, and the Middle East.
The company engages in the overseas upstream sector, LNG production projects, and downstream sector through 38 projects in 20 countries.
By Murat Temizer
Anadolu Agency
energy@aa.com.tr