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Woodside Agrees to Sell LNG to Korea Gas From Its Pluto Plant

Woodside Petroleum Ltd., Australia’s second-largest oil and gas producer, agreed to sell liquefied natural gas from its Pluto plant to Korea Gas Corp., its second supply deal this year.

Woodside will supply Korea Gas, which buys more LNG than any company globally, with as much as 2.2 million metric tons of LNG over three years, the Perth-based company said today in a statement. The gas will come mainly from previously uncommitted supplies, Woodside said.

The A$15 billion ($13 billion) Pluto LNG development in Western Australia, which began output in 2012, has a forecast production capacity of 4.3 million tons of LNG a year. It is set to be followed by seven more LNG developments going ahead in the country to meet rising Asian demand for the commodity.

Talks with Pluto customers resulted in higher prices for three quarters of its sales starting in the third quarter, Woodside said earlier this month.

Woodside agreed to sell as much as 1.5 million tons of LNG over three years to Chubu Electric Power Co., Japan’s third-biggest power utility, the company said last month.

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