Woodside and Viva Energy progress LNG regasification agreement
Woodside and Viva Energy have entered into a memorandum of understanding (MoU) to progress discussions on capacity rights at Viva Energy’s proposed LNG regasification terminal (the Gas Terminal Project) in Geelong, Victoria, which could enable Woodside to supply LNG to the east coast Australian market
Under the terms of the MoU, Woodside will discuss with Viva Energy the opportunity to acquire regasification capacity usage rights at the terminal to regasify LNG. This could help underpin the Gas Terminal Project as a key infrastructure solution to address the expected gas supply shortfall in the east coast Australian market from the mid-2020s, and support the National Electricity Market’s transition to lower-carbon energy.
The MOU provides a framework and timeline to negotiate binding regasification capacity commitments, to be finalised in definitive agreements executed following Woodside and Viva Energy approvals prior to a final investment decision targeted for the third quarter of 2022. Woodside CEO Meg O’Neill welcomed the collaboration with Viva Energy on potential LNG supply from
Woodside’s portfolio to the east coast market, which would be a milestone for the Australian gas industry.
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