Woodside (ASX:WDS) Energy is building the largest project in its history, and it is not in Australia. On a stretch of Louisiana swampland on the Gulf Coast, the company is constructing a liquefied Natural Gas plant with a headline cost of about $24 billion. It is a bet that reshapes Woodside from a predominantly Australian producer into a genuinely global LNG marketer, and whose returns depend on selling capacity into a fiercely competitive American market.

The latest development

Woodside reached final Investment decision on Louisiana LNG in April 2025, having acquired the project through its purchase of Tellurian. At its half-year result in August 2026, the company reported the project was 28 per cent complete and described it as on schedule and on budget. Bechtel is the engineering, procurement and construction contractor, with roughly 95 per cent of its pricing lump sum or fixed rate.

What investors may watch next

Offtake is the single most important watch item. Each new long-term sale and purchase agreement, and any conversion of the BOTAŞ heads of agreement into a binding contract, materially de-risks the investment case.

Investors will also monitor construction completion against the 2029 target, further Equity sell-downs, and the first Scarborough cargo expected in the second half of 2026.

Conclusion

Louisiana LNG is the defining decision of Woodside's current management. Construction execution so far has been sound, the Capital Structure has been shared with infrastructure partners, and fixed-price contracting reduces cost Blowout risk. What remains unresolved is the Demand side: how quickly Woodside converts interest into binding long-term contracts, and at what liquefaction fee.