Stonepeak beats Williams, GIP in $5.7bn Woodside’s LNG deal

The move by US-based Stonepeak lessens Woodside’s capital spending bill on its Louisiana LNG project.

Infrastructure investor Stonepeak is understood to have fended off competition from Williams and GIP to acquire a 40 per cent interest in Woodside’s Louisiana-based LNG Infrastructure, outlaying $5.7bn.

The move by US-based Stonepeak, which counts former Macquarie banker Darren Keogh within its top ranks, lessens Woodside’s capital spending bill on its Louisiana LNG project.

Stonepeak will be contributing 75 per cent in 2025 and 2026.

Meanwhile, parties continue to eye the opportunity to buy a stake in the project of up to 50 per cent.

Woodside announced its deal to buy Tellurian in July in a transaction worth $1.8bn. The deal included Tellurian’s owned and operated US Gulf Coast Driftwood LNG development opportunity. A transaction would offset costs of the development for Woodside.

Tellurian’s Driftwood LNG facility in Louisiana has the capacity to export 27.6 million tonnes a year. That is almost three times Woodside’s output from its Australian projects. As earlier reported by DataRoom, Woodside has been inundated with offers for Driftwood LNG.

Woodside was advised by RBC and Evercore.

It comes amid chatter that groups such as Chevron, ConocoPhillips and BP have been eyeing the Australian energy champion.