Rendering of Louisiana LNG, former Driftwood LNG
Stonepeak will contribute $5.7 billion toward the project’s capital expenditure on an accelerated basis, covering 75% of the costs in 2025 and 2026. Woodside received a closing payment of approximately $1.9 billion, reflecting Stonepeak’s share of expenses incurred since the effective date. The project, with a $17.5 billion final investment decision made in April, marks a significant foreign direct investment in Louisiana.
Woodside CEO Meg O’Neill stated: “The accelerated capital contribution from Stonepeak enhances Louisiana LNG project returns and strengthens our capacity for shareholder returns ahead of first cargo from the Scarborough Energy Project in Western Australia, targeted for the second half of 2026. We continue to see strong interest from additional potential partners in Louisiana LNG.” She highlighted Stonepeak’s expertise as a valuable addition to the project.
James Wyper, Stonepeak Senior Managing Director and Head of US Private Equity, said: “Louisiana LNG will be a timely and strategic addition to the US LNG export landscape as the world’s demand for cleaner, more flexible and more affordable energy continues to grow. We look forward to contributing our expertise and capital to the construction and future operation of Louisiana LNG and are highly energised to continue supporting the development of critical North American LNG infrastructure with global impact.”
Located near Lake Charles, Louisiana, the project, formerly Driftwood LNG, has a permitted capacity of 27.6 million tonnes per annum (mtpa) across five trains, with the foundation phase including three trains for 16.5 mtpa. Front-end engineering design is complete, and site construction has begun, with Bechtel overseeing engineering, procurement, and construction.
Woodside has secured multiple agreements to support the project, including a gas supply deal with BP and interest from Aramco for potential equity and offtake. On June 18, Woodside signed a heads of agreement with Petronas to supply 1 mtpa of LNG for 15 years starting in 2028, potentially including volumes from Louisiana LNG. The project supports global demand for cleaner energy while boosting local economic growth in Louisiana.
