Key Highlights

  • Scarborough is 99 per cent complete, with first LNG targeted for the December quarter.
  • Trion is 71 per cent complete, with first oil in 2028.
  • Louisiana LNG is 32 per cent complete, with first LNG in 2029.
  • The company reported these projects as on budget.

Woodside Energy Group Ltd (ASX:WDS) is approaching a turning point in its development portfolio, and the progress of three major projects is one of the most closely followed influences on the Woodside share price. According to its Third Quarter Report for the period ended 30 September 2026, the Scarborough Energy Project in Western Australia was 99 per cent complete and on track for first LNG in the December quarter, the Trion oil project in Mexico was 71 per cent complete and Louisiana LNG in the United States was 32 per cent complete. All three were reported as on budget, although the company flagged Supply chain pressures linked to the Middle East.

Scarborough Nears First LNG

Scarborough is the most advanced of the three. Woodside reported that the project was 99 per cent complete at the end of September, that gas had been exported into the trunkline to pressurise it, and that Scarborough gas had been introduced to the gas pre-treatment section of the LNG train. Commissioning and start-up of the floating production unit and subsea production system continued through the quarter.

In its half-year report in August 2026, Woodside said the floating production unit had reached ready-for-start-up status and achieved first gas. The company's Quarterly Report confirmed that "first LNG cargo is on track for Q4 2026".

Woodside holds a 74.9 per cent participating interest in the Scarborough offshore development and a 51 per cent interest in Pluto Train 2, the onshore processing train being built to liquefy Scarborough gas, according to its December quarter report released on 28 January 2026.

For investors, first LNG matters because it marks the transition from Capital spending to Revenue generation. Once Scarborough is producing, its volumes will begin to appear in quarterly production and sales figures, while Capital Expenditure on the project winds down. Scarborough gas is also expected to lift the share of Woodside's output that comes from LNG, increasing the company's sensitivity to Asian LNG Demand and to the oil-linked and gas hub pricing formulas used in its sales contracts.

Trion Advances in Mexico

Trion is a deepwater oil development in the Gulf of Mexico in which Woodside holds a 60 per cent participating interest, according to the December quarter report. At the end of the September quarter the project was 71 per cent complete, up from 64 per cent at the end of June.

Fabrication of the floating production unit was 96 per cent complete. The drilling campaign had reached 10 of a planned 24 wells, and the first subsea tree had been installed. First oil remains targeted for 2028.

Trion adds oil exposure to a portfolio that is weighted towards LNG. Because oil prices and LNG prices do not always move together, the project broadens the range of Commodity drivers that will influence Woodside's revenue later in the decade.

Louisiana LNG Construction Progress

Louisiana LNG, a three-train foundation development on the US Gulf Coast, was 32 per cent complete at the end of September, compared with 28 per cent at the end of June. Train 1 was 41 per cent complete, Train 2 was 27 per cent and Train 3 was 22 per cent. Woodside said structural steel and above-ground piping installation had progressed on Train 1. First LNG is targeted for 2029.

Woodside has brought in infrastructure partners to share the capital burden. Its December quarter report noted that Williams holds a 10 per cent interest in the Holding Company and 80 per cent of the associated pipeline company, while Stonepeak is a capital contributor. In the half-year to 30 June 2026, Woodside received US$1,725 million in capital contributions from Stonepeak and Williams, which the company treats as adjustments to capital expenditure.

The third quarter report said "ongoing engagement with high-quality counterparties for Equity participation and LNG offtake continues". Any further sell-down or long-term sales agreement would be disclosed to the ASX and would affect both Woodside's funding commitments and its future revenue base.

Middle East Supply Chain Pressures

Woodside said "structural steel supply challenges associated with ongoing disruptions in the Middle East" were being managed through alternative shipping routes and other fabrication suppliers. The company did not quantify any cost or schedule effect and maintained that its projects remained on budget.

The reference shows how geopolitical events can affect project delivery as well as commodity prices. The RBA said on 3 November 2026 that higher fuel and commodity prices linked to the Middle East conflict are adding to Inflation in Australia, underlining that the conflict has broader effects on costs.

Smaller Developments and Capital Spending

The report also covered smaller projects. The Hydrogen Refueller at H2Perth was ready for start-up, with first hydrogen targeted for the December quarter. In Bass Strait, Turrum Phase 3 wells were completed, with first production targeted for the first half of 2027. At Beaumont New Ammonia in Texas, Woodside completed a strategic review and said it will start a formal process to reduce its investment, while lower-carbon ammonia production remains targeted for 2027.

Group capital expenditure was US$722 million in the September quarter, and full-year guidance is unchanged at US$4.0 to US$4.5 billion. As Scarborough moves into operation, the balance of spending will shift further towards Louisiana LNG and Trion.

Key Takeaways

Woodside's development pipeline is entering a new phase. Scarborough is 99 per cent complete with first LNG targeted for the December quarter, Trion is 71 per cent complete with first oil in 2028, and Louisiana LNG is 32 per cent complete with first LNG in 2029, all reported on budget. For those following the Woodside share price, the measurable events ahead are the first Scarborough cargo, quarterly completion rates at Trion and Louisiana LNG, any new equity or offtake agreements for Louisiana, and whether Middle East supply chain disruptions begin to affect cost or timing. The Capital Markets Day on 5 November 2026 is the next chance for management to update these timelines.