Australian developer bullish on demand despite cost blowout at its main Scarborough project
Woodside Energy, the Australian company looking to transform itself into a global liquefied natural gas powerhouse, aims to build a “dream team” of investors to back its US expansion as it bets that demand for the fuel will continue to grow rapidly over the next decade. Australia’s largest oil and gas developer announced a surprise $1.2bn takeover of struggling US LNG developer Tellurian this week, strengthening its foothold in a consolidating American energy market.
She added that the Tellurian takeover provided an opportunity for the Australian company to “control our destiny” rather than buying a minority stake in existing projects. James Byrne, an analyst with Citi, said in a note that Woodside may face an “uphill battle” on the deal’s merits, as the price of LNG contracts has been deflating.
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