Herbert Smith Freehills advises Woodside Energy for the supply of LNG into Korea

Herbert Smith Freehills (HSF) has advised Woodside Energy Trading Singapore Pte Ltd (Woodside) on its entry into a long-term Liquified Natural Gas (LNG) sale and purchase agreement (SPA) with Korea Gas Corporation (KOGAS) for the supply of LNG into Korea.

The deal involves the supply of approximately half a million tonnes per annum (0.5 MTPA) of LNG to KOGAS for a period of 10.5 years on a delivered basis. Deliveries are expected to commence in 2026, subject to customary conditions precedent.

The LNG delivered to KOGAS under the SPA will be sourced from uncommitted volumes across Woodside’s global portfolio, including the Scarborough Energy Project which is targeting first LNG cargo in 2026.

The HSF team was led by Energy partner, Graeme Gamble and solicitors’ Sakura Kajimura and George Farrugia in the Projects, Energy & Infrastructure practice.

HSF partner, Graeme Gamble said the deal is a milestone for Woodside’s continuing global energy supply ambitions.

“This deal marks Woodside’s first equity long-term supply agreement into Korea, which is the world’s third largest LNG market.

“We are delighted to have assisted Woodside with this important transaction with one of the world’s largest LNG importers, KOGAS, at a time of growing LNG demand,” Graeme said.