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RWE Supply & Trading GmbH

RWE and Australian Woodside sign agreement for LNG supply

Essen, 19 February 2021

RWE Supply & Trading GmbH and Woodside Energy Trading Singapore Pte Ltd have signed a sale and purchase agreement (SPA) for the supply of liquefied natural gas (LNG) from Woodside’s global portfolio for a term of seven years commencing in 2025. The quantity of LNG to be supplied under the SPA is 0.84 million tonnes per annum. The SPA is not subject to final investment decision (FID) on any project.The agreement stands for continuation of the partnership between Woodside and RWE, established through existing mid-term and spot business in Asia-Pacific and the Atlantic basin.

For Andree Stracke, Chief Commercial Officer Origination & Gas Supply at RWE Supply & Trading, this transaction demonstrates RWE’s ongoing commitment to expanding its global LNG portfolio: “We are delighted to enter into a longer-term LNG supply agreement with Woodside which further reinforces our strong relationship. The volumes will continue to enable us to deliver effective LNG solutions to our customers and will provide a platform to further advance our existing business in Asia.”

Woodside Executive Vice President Development and Marketing Meg O’Neill said the signing of the SPA with RWE was further evidence of the strong market demand for LNG in the second half of this decade: “Customers are increasingly seeking to secure new energy supplies in a timeframe which supports the development of our Scarborough offshore gas resource and the expansion of the Pluto facility with the addition of a second LNG production train. This agreement with RWE is another demonstration of the momentum we are gathering ahead of our targeted FID on Scarborough and Pluto Train 2 in the second half of this year. The SPA also provides the opportunity for Woodside and RWE to explore the potential for carbon-neutral LNG production and trading.”

The Scarborough gas field is a natural gas field located on the coast of Western Australia and the Pluto LNG facility processes gas from these offshore gas fields. Woodside is proposing a brownfield expansion of Pluto through the construction of a second gas processing train named Pluto Train 2.

In October 2020, Woodside also signed a memorandum of understanding (MOU) with RWE. Woodside is presently exploring options associated with producing hydrogen at export scale in the future. Under the MOU, Woodside and RWE will explore the potential of marketing hydrogen from such production to RWE’s customer base in Asia and Europe. Hydrogen will play a key role in the future global energy mix as a climate neutral fuel. RWE is driving forward some 30 hydrogen projects, mostly located in the Netherlands, Germany and the UK (more information at www.rwe/hydrogen). 

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