During the dealmaking round, Aramco finalized an agreement to buy 1.2 million metric tons per annum (MMtpa) of LNG for 20 years from the fourth train of the under-construction Rio Grande LNG project in Brownsville, Texas. Owner NextDecade Corp. is seeking purchase commitments to be able to make an FID (final investment decision) on trains 4 and 5. NextDecade has so far approved three trains, which comprise phase 1 – out of eight planned for the project.
“Development of Louisiana LNG will position Woodside as a global LNG powerhouse, enabling the company to deliver approximately 24 Mtpa [million metric tons per annum] from its global LNG portfolio in the 2030s, and operating over 5 percent of global LNG supply”, Woodside said. “The development has expansion capacity for two additional LNG trains and is fully permitted for a total capacity of 27.6 Mtpa”.
Woodside bought the former Driftwood LNG project as part of its acquisition of Tellurian for $1.2 billion last year. The deal “adds a scalable US LNG development opportunity to our existing approximately 10 Mtpa of equity LNG in Australia,” Woodside chief executive Meg O’Neill said at the time. Then, this year, reports emerged that Woodside was looking for partners in the projects, seeking to sell up to 50% of the ownership.
Oil’s decline since April is likely to inflict more pain both on Aramco and the Saudi government despite the higher oil production. Over the past five weeks, Riyadh led the OPEC+ coalition through two bigger-than-scheduled supply hikes, which together with US President Donald Trump ’s trade war, briefly crashed oil futures to a four-year low below $60 a barrel in London.
Brent crude has shed some $11 per barrel since the start of the year, most recently trading at around $64 per barrel. This is substantially lower than what Saudi Arabia needs to balance its budget in view of ambitious public spending programs. This would have to change, and soon, if prices stay this low. In the meantime, Aramco is signaling business as usual.
Aramco, Sinopec and Yasref have signed a venture framework agreement for a major expansion at the Yasref petrochemicals complex in Yanbu, Saudi Arabia, the companies announced on Wednesday.
NextDecade Corporation has signed a sales and purchase agreement with a subsidiary of Saudi Aramco under which it will supply the Saudi company with LNG from Train 4 of its Rio Grande LNG facility for 20 years, NextDecade announced on Wednesday.
NextDecade Corp. has secured a 20-year, 1.2 million metric tons per annum (MMtpa) offtake from Saudi Arabian Oil Co. (Aramco) for the planned fourth liquefaction train of the under-construction Rio Grande LNG project in Brownsville, Texas.
Japan’s Terra Drone has signed an MoU with Saudi Aramco to develop innovative drone, robotics and AI-driven solutions for the oil and gas sector, the company said on Thursday.
The partnership aims to enhance safety and operational efficiency while supporting Saudi Arabia’s localisation efforts. The MoU establishes a framework for collaboration in research and development, technology piloting, and workforce training, aligning with the country’s broader economic goals.
Saudi Aramco has launched Saudi Arabia’s first carbon dioxide direct air capture (DAC) test unit, the company announced on Thursday.
The pilot plant has been developed in collaboration with Siemens Energy and is designed to remove up to 12 tonnes per year (tpy) of carbon dioxide from the atmosphere. Aramco intends to use the facility to test carbon capture materials and develop capture methods that can lower operational costs and accelerate the deployment of DAC in the region.