Norton Rose Fulbright advises Woodside in sale of 40 percent interest in Louisiana LNG project to Stonepeak

A multidisciplinary team of lawyers from global law firm Norton Rose Fulbright acted as legal advisor to global energy company Woodside Energy Group Ltd. (Woodside) on its signing of a transaction to sell a 40 percent equity interest in one of its LNG projects, Louisiana LNG Infrastructure LLC, to Stonepeak, an alternative investment firm specializing in infrastructure and real assets.

Under the transaction, Stonepeak will provide US$5.7 billion towards the expected capital expenditure for the development of the 16.5 million tonnes per annum foundation development of Louisiana LNG. Woodside will retain the remaining 60 percent of Louisiana LNG Infrastructure LLC and will be the operator of the company and the project. Completion of the transaction is subject to conditions precedent including final investment decision for the Louisiana LNG development, requisite regulatory, legal and other customary approvals. Closing is targeted for the second quarter of 2025.

Shauna Johnson Clark (Houston), Norton Rose Fulbright’s US Chair, its US Head of Employment and Labor and the firm’s lead relationship partner for Woodside, said:

“We are immensely grateful to Woodside for its trust and confidence in our team and the opportunity the company gave us to support it on this important project.”

Corporate, M&A and securities partner Bryn Sappington (Dallas), who co-led this transaction with projects partner Noam Ayali (Washington, DC), along with corporate, M&A and securities partner Blake Redwine (Dallas), added:

“Following on our representation of Woodside last year in the public merger transaction to acquire Tellurian Inc. (the original developer of the Driftwood LNG Project renamed Woodside Louisiana LNG) and assume the ownership of the Louisiana LNG project, we were delighted to be able to support and assist our client in monetizing this asset.”

Noam, who is the firm’s Global Co-Head of Energy, noted:

“Woodside’s unique and creative approach to the project introduced a number of ‘firsts’ to solve for, compared to other US Gulf Coast LNG projects. We are truly honored to have had an opportunity to be involved and support Woodside in establishing the commercial framework for the Louisiana LNG Project and help progress the project toward FID with the signing of the transaction with Stonepeak.”

Led by Noam, Bryn and Blake, Norton Rose Fulbright’s team spanned nine offices and included Alex Niebruegge (Houston), Jake Falk (Washington, DC), Caleb Segrest (Dallas), Steve Suzzan, Roy Goldman (New York), Todd Schroeder (Dallas), Jason Boland, Kevin O’Gorman, Timothy Tyler (Houston), Neely Agin, Luke McFarland (Washington, DC), Ian Giles (London), Violetta Bourt (Brussels), Thom Hirsch, Brian Plunkett, Chris Psihoules, Jonathan Franklin, Stefan Reisinger, Claire Huitt, Keith Rosen, Hilary Lefko (Washington, DC), Amy Mitchell (Austin), Bob Greenslade (Denver), Cassidy Tennyson (Dallas), Kim Stouffer (San Francisco), Grace Choi (New York), John Ngunjiri (Houston) and Amanda Yang (Dallas).