Woodside has entered into a sales and purchase agreement (SPA) with Korea Gas Corporation (KOGAS) for the long-term supply of liquefied natural gas (LNG) to Korea.

With the exception of special circumstances, the SPA calls for the delivery of about 0.5 million tonnes of LNG annually for a duration of 10.5 years, starting in 2026.

The LNG that Woodside will supply to KOGAS under the terms of the SPA will come from uncommitted volumes across its global portfolio, including the Scarborough Energy Project, which plans to ship its first LNG cargo in 2026.

Woodside CEO Meg O’Neill said the SPA was significant as Woodside’s first long-term supply agreement into Korea, the world’s third-largest LNG market.

She said the agreement reinforced the ongoing contribution of Woodside’s LNG towards the energy security needs of major customers in the region.

O’Neill expressed that the company is pleased to be a long-term supplier of LNG to KOGAS — one of the world’s largest LNG importers.

“This agreement is [a] further demonstration of ongoing robust demand for Woodside’s products from major energy customers in our region.

“Our LNG can help customers such as KOGAS meet their energy security needs, while also supporting regional decarbonisation goals.”

KOGAS President and CEO Choi Yeon-Hye said she was pleased to conclude the SPA with Woodside.

“This SPA enabled KOGAS to enlarge the customer base in the domestic power market, reinforcing our role as a leading natural gas supplier in Korea.

“By leveraging this SPA, we look forward to further expanding our business opportunities with Woodside in the LNG industry.”