Woodside Energy Group Ltd (NYSE:WDS) is included among the 13 Oil Stocks With Highest Dividends.
Founded in Australia, Woodside Energy Group Ltd (NYSE:WDS) is engaged in the exploration, evaluation, development, production, marketing and sale of hydrocarbons in Asia Pacific, Africa, the Americas and Europe.
According to reports on March 17, Woodside Energy Group Ltd (NYSE:WDS) reached a deal with the Western Australian government to export around 3 million more metric tons of LNG in exchange for supplying more gas to the domestic market.
Western Australia state policy requires LNG exporters to reserve around 15% of their production for domestic markets to ensure stable supply for the region. However, despite the long-term policy, the state is expected to face gas shortages towards the end of the decade. As a result, the government is making efforts to pressure producers like Woodside to supply more gas to the local market and ensure a stable energy supply.
As part of the deal, Woodside Energy Group Ltd (NYSE:WDS) agreed to supply an additional 23 petajoules of gas to the domestic market by 2029. In exchange, the company will be able to process around 2.8 million tonnes of additional LNG at its Pluto gas project.
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