Woodside Energy Group Ltd. has finalized a strategic partnership with U.S. infrastructure operator Williams for the Louisiana LNG Project near Lake Charles. The transaction, signed and completed on 23 October 2025, transfers a 10 % interest in Louisiana LNG LLC and an 80 % interest and operatorship in Driftwood Pipeline LLC to Williams for US $250 million, effective 1 January 2025. Woodside received total proceeds of US $378 million, including reimbursement of project costs since the effective date.
Williams will contribute about US $1.9 billion to its share of the LNG facility and pipeline capital expenditure and assume LNG offtake obligations equal to 10 % of project output. The U.S. company, which operates more than 33,000 miles of pipeline across 24 states, will manage construction and operations of the Line 200 pipeline connecting the project to U.S. gas supply hubs. Its Sequent Energy Management platform, which markets over 7 Bcf/d of gas, will also handle daily gas sourcing and balancing.
Following completion, Williams now holds 10 % of Louisiana LNG LLC (HoldCo), while Woodside retains 90 %. HoldCo owns 60 % of Louisiana LNG Infrastructure LLC (InfraCo) alongside Stonepeak, and Williams controls 80 % of Driftwood Pipeline LLC (PipelineCo), with Woodside holding 20 %.
Woodside CEO Meg O’Neill said the partnership unites complementary strengths: “Williams’ first investment in LNG demonstrates confidence in the project’s quality and the opportunities it offers to meet long-term energy demand. Combining Woodside’s LNG development experience with Williams’ pipeline and gas sourcing expertise will enhance delivery.”
Williams President and CEO Chad Zamarin described the transaction as a key step in the company’s “wellhead-to-water” strategy, integrating upstream, midstream, marketing and LNG capabilities to supply cleaner energy to global markets.
As a result of this deal, Woodside’s capital commitment to the Louisiana LNG Project has fallen from US $11.8 billion to US $9.9 billion. HoldCo will remain consolidated in Woodside’s financial statements, while PipelineCo will be recorded as an equity investment.
The Louisiana LNG Project is fully permitted with a total capacity of 27.6 million tonnes per annum (Mtpa) across five trains, and a foundation phase of three trains totalling 16.5 Mtpa. Bechtel is the EPC contractor under a lump-sum, turnkey agreement, using Chart IPSMR® liquefaction technology and Baker Hughes LM6000PF+ gas turbines. First LNG production remains targeted for 2029.
Woodside was advised by RBC Capital Markets and Evercore, with legal counsel from Norton Rose Fulbright.
The partnership marks a decisive step toward securing gas supply, financing, and operational expertise for one of the Gulf Coast’s next-generation LNG export projects, aligning both companies for growth in U.S. and global gas markets.
