Williams invests $1.9 billion in Woodside's Louisiana Liquefied Natural Gas venture

The companies announced that U.S.-based Williams would spend $1.9 billion to develop LNG facilities and a pipe for Woodside Energy’s $17.5 billion project in Louisiana involving liquefied gas.

Williams announced on Wednesday that the pipeline operator would take a 10% stake and simultaneously purchase an 80% ownership and operatorship in the Driftwood Pipeline for $250 million.

Woodside expects to receive a total of $378m under the agreement. Australia's largest energy company said this in an announcement made separately on Thursday.

Woodside has reduced its previous estimate of $11.8billion to $9.9billion.

Williams will also receive a total of 1.6 Mtpa from the Louisiana LNG Project, including 1.5 Mtpa as part of its own supply contract.

The company will benefit from 10% of Uniper's previous 1.0 Mtpa project offtake agreement. Reporting by Rishav Chaterjee from Bengaluru, Editing by Shreya Biwas and Maju Sam

(source: Reuters)