The Australian energy group Woodside has signed a US$1bn loan agreement with the Japan Bank for International Cooperation (JBIC) to fund the Scarborough Energy Project, its major gas project off the coast of Western Australia. The agreement follows a memorandum of understanding (MoU) signed between the two partners in November 2022.
The Scarborough project, located 375 km off the Pilbara coast in the Carnarvon Basin, is scheduled for first LNG cargo in 2026. The project’s capacity is set at 8 Mt/year of LNG, with 5 Mt/year processed through Pluto Train 2 and up to 3 Mt/year processed through the existing Pluto Train 1 following modifications. The gas field will be developed through offshore facilities connected by an approximately 430-km pipeline to a second LNG train (Pluto Train 2) at the existing Pluto LNG onshore facility. It will include the installation of a floating production unit (FPU) with eight wells drilled in the initial phase and thirteen wells drilled over the field’s life.
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