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RIYADH: Australia has approved a $12 billion liquefied natural gas investment into a wave of projects, with expectations of rise in demand as the world shifts to cleaner energy.
Australia's Woodside Petroleum will supply 8 million tons annually for at least 20 years, by development of the Scarborough field in Exmouth, the Pluto onshore processing facility, and a 430-kilometer subsea pipeline.
The first shipments are expected to begin in 2026, Bloomberg reported.
“One of the quickest ways for nations to reduce their emissions is to switch their energy system from coal to gas-fired,” Meg O'Neill, CEO at Woodside Energy said.
“We think the market for LNG will be very robust for decades into the future,” she added.