The Motley Fool

Woodside Petroleum Limited sells more LNG to Japan

Woodside Petroleum Limited (ASX: WPL) announced this week that it has entered into a new agreement with Chubu Electric Power Company to supply up to 1.5 million tonnes of liquefied natural gas (LNG) to the Japanese company.

Woodside didn’t disclose any financial details in its brief announcement, but did note that the deal will begin in April and run for three years. Chubu Electric’s LNG will be sourced from Woodside Petroleum’s Pluto offshore gas field, located near Karratha in Western Australia.

This isn’t the first deal Woodside has made with Japanese energy companies. Since 2008, both Kansai Electric and Tokyo Gas have had 15-year sales agreements for Pluto LNG and a 5% stake in the foundation project.

According to Woodside’s website, the Pluto field has delivered around $7.6 billion of gas to date. “The agreement demonstrates the importance of Pluto LNG volumes in meeting growing regional demand for natural gas and also Woodside’s increasingly diverse LNG purchasing, sales and shipping arrangements,” said Woodside CEO Peter Coleman in a statement.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

*Returns as of June 30th

Motley Fool contributor Justin Loiseau has no position in any stocks mentioned in this article. You can follow him on Twitter @TMFJLo.

Related Articles...

Latest posts by Justin Loiseau (see all)