King & Spalding advised Commonwealth LNG, a subsidiary of Commonwealth Projects (Commonwealth) on its announced conversion of non-binding heads of agreement (HOA) into two binding LNG Sale and Purchase Agreements (SPAs) with Woodside Energy Trading Singapore Pte Ltd, a subsidiary of Woodside Energy Group Ltd (Woodside), signed on 2 September 2022.
The SPAs are for the supply of up to 2.5 million tonnes per annum (Mtpa) of LNG over 20 years from Commonwealth’s LNG export facility under development in Cameron Parish, Louisiana. Key terms in the HOA previously announced on 19 January 2022 remain unchanged in the binding SPAs, with first deliveries expected to commence in mid-2026. The SPAs will become fully effective upon the satisfaction of customary conditions including an affirmative final investment decision on the project.
The joint press release is available here.