Australia's Woodside Petroleum said on Oct. 22 it has signed an agreement to work with China's privately owned ENN Group on potential business opportunities that could boost demand for Woodside's liquefied natural gas (LNG).
The agreement, disclosed in a statement by Woodside, comes as Australian companies scent opportunities to expand LNG sales to China after Beijing imposed a 10% tariff on U.S. LNG imports in a growing trade war between the world's two biggest economies.
Australia's Santos already has a similar tie-up with ENN, which is also its top shareholder.
"Woodside's aim is to grow our relationship with ENN Group, and we now plan to jointly investigate opportunities for cooperation in LNG marketing, trading and shipping," Rienhardt Matisons, Woodside's executive vice president marketing, trading and shipping, said in the statement.
ENN officials in Beijing were not immediately available to comment.
Woodside said the agreement was signed in the Chinese coastal city of Zhoushan, where ENN recently opened an LNG import terminal.
The two companies may also look at working together on oil and gas exploration and production, liquefaction and regasification projects and power generation, Woodside said in its statement.
Recommended Reading
Oceaneering Won $200MM in Manufactured Products Contracts in Q4 2023
2024-02-05 - The revenues from Oceaneering International’s manufactured products contracts range in value from less than $10 million to greater than $100 million.
E&P Highlights: Feb. 5, 2024
2024-02-05 - Here’s a roundup of the latest E&P headlines, including an update on Enauta’s Atlanta Phase 1 project.
CNOOC’s Suizhong 36-1/Luda 5-2 Starts Production Offshore China
2024-02-05 - CNOOC plans 118 development wells in the shallow water project in the Bohai Sea — the largest secondary development and adjustment project offshore China.
TotalEnergies Starts Production at Akpo West Offshore Nigeria
2024-02-07 - Subsea tieback expected to add 14,000 bbl/d of condensate by mid-year, and up to 4 MMcm/d of gas by 2028.
US Drillers Add Oil, Gas Rigs for Third Time in Four Weeks
2024-02-09 - Despite this week's rig increase, Baker Hughes said the total count was still down 138 rigs, or 18%, below this time last year.