Oil and Gas News

Woodside completes Pluto sale to GIP

Pluto LNG

Woodside has completed the sale of a 49 per cent non-operating participating interest in the Pluto Train 2 joint venture (JV) to Global Infrastructure Partners (GIP). 

This update follows the company’s announcement on 15 November 2021 that it had entered into a sale and purchase agreement with GIP.

On 22 November, the Pluto Train 2 JV announced its final investment decision (FID) along with the FID for the Scarborough development.

Pluto Train 2 is a key component of the Scarborough development and includes a new LNG train and domestic gas facilities to be constructed at the existing Pluto LNG onshore facility. 

The JV arrangements require GIP to fund its 49 per cent share of capital expenditure and an additional amount of construction capital expenditure, estimated to cost US$822 million (AU$1.14 billion). 

The first LNG cargo from Pluto Train 2 is forecast for 2026. 

Woodside chief executive Meg O’Neill said she is looking forward to collaborating with GIP on the Pluto Train 2 development. 

“GIP brings established, global capabilities to the Pluto Train 2 Joint Venture which will support delivery of a world-class project,” she said. 

Pluto LNG is an onshore LNG processing facility near Karatha. Pluto Train 2 is an extension to the facility, with JV partners comprising Woodside (51 per cent) and GIP (49 per cent). 

Woodside is the operator of Pluto LNG and the Pluto Train 2 JV. 

Subscribe to Oil & Gas Today for the latest industry news.