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) engages in the exploration, evaluation, development, production, marketing, and sale of hydrocarbons in the Asia Pacific, Africa, the Americas, and Europe.
According to reports on March 17, Woodside Energy Group Ltd (NYSE:WDS) has struck an agreement with the Western Australia government to export around 3 million metric tons more LNG in return for providing more gas to the domestic market.
The Western Australia state policy requires LNG exporters to reserve around 15% of their output for domestic markets to ensure a stable supply for the region. However, despite the long-term policy, the state is expected to face gas shortfalls by the end of the decade. As a result, the government is making efforts to push producers like Woodside to provide more gas to the local market and ensure a stable energy supply.
As part of the deal, Woodside Energy Group Ltd (NYSE:WDS) has agreed to supply 23 petajoules of additional gas to the domestic market by 2029. In return, the company will be able to process around 2.8 million tonnes of additional LNG at its Pluto gas project.
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