Woodside Energy will receive a $1 billion loan from the Japan Bank for International Cooperation (JBIC) to support the Scarborough LNG project’s development, the company announced May 30.

The project will be part of Woodside’s Scarborough gas field, located about 230 miles off the northwest coast of Australia. The project’s first LNG cargo is scheduled for 2026. At full production, Scarborough is projected to produce 8 MMmt/y of LNG.

“Investment in new Australian LNG supply, like Scarborough, can help Japanese customers meet their energy security needs while also supporting regional decarbonization goals,” Woodside CEO Meg O’Neill said in a press release.

Woodside and JBIC already have an agreement in place to develop a stable supply of emissions-reducing power supplies and have made financing agreements on two other projects, according to a press release from Woodside.

Woodside has also been active in LNG development in the western hemisphere. In June 2023, the company made a $7.2 billion final investment decision on its Trion development offshore Mexico with partner Pemex.