Woodside energy will receive a $1 billion loan from the Japan Bank for International Cooperation (JBIC) to support the development of the Scarborough LNG project, the company announced on May 30.
The project will be part of Woodside’s Scarborough gas field, approximately 370 kilometers off the northwest coast of Australia. The project’s first LNG loading is scheduled for 2026. At full production, Scarborough is expected to produce 8 million tonnes of LNG per year.
“Investments in new Australian LNG offerings such as Scarborough can help Japanese customers meet their energy security needs while supporting regional decarbonization goals,” Woodside CEO Meg O’Neill said in a press release.
Woodside and JBIC have already entered into an agreement to develop a stable supply of emission-reducing power supplies and have entered into financing agreements for two other projects, according to a press release from Woodside.
Woodside has also been active in LNG development in the Western Hemisphere. In June 2023, the company made a final investment decision of $7.2 billion about its Trion development off the coast of Mexico with partner Pemex.
