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Woodside and Commonwealth LNG Sign HOA for LNG Supply

1/19/2022

Woodside - Press release

Woodside Energy Trading Singapore Pte Ltd has signed a heads of agreement (HOA) with
Commonwealth LNG to negotiate a sale and purchase agreement for the supply of LNG
from the proposed Commonwealth LNG development in Cameron, Louisiana.

The HOA contemplates the purchase by Woodside of 2.0 Mtpa of LNG over a period of 20 years, scheduled
to begin in Q2 2026. Woodside’s offtake obligation can be reduced or even eliminated as Commonwealth
achieves increasing thresholds of offtake commitments from other buyers. Woodside would also have an
option to purchase an additional 0.5 Mtpa of LNG.

Woodside CEO Meg O’Neill said she was pleased to sign the HOA with Commonwealth, which shared
Woodside’s commitment to cost-effective and optimised solutions for LNG customers in an evolving global
market.

“This HOA with Commonwealth secures access to competitive LNG in the Atlantic Basin and provides
Woodside with the ability to build market scale through acquiring low cost supply,” she said.
Commonwealth LNG Founder and CEO Paul Varello said he was very pleased to have Woodside involved in
the project.

“Woodside is known throughout the industry for its keen technical oversight and commercial agility. This HOA
is testament that Commonwealth’s approach to lowering the cost of LNG produced in the US is gaining
prominent support,” he said.

The HOA is non-binding and also conditional upon the negotiation and execution of a fully termed LNG sale
and purchase agreement, all necessary approvals being obtained and a final investment decision on the
proposed Commonwealth LNG development.