Woodside has announced it has signed a Memorandum of Understanding (MoU) for co-operation with Korea Gas Corporation (KOGAS), extending the strong partnership between the companies.
The MoU was signed in Perth on April 11 by Woodside CEO Peter Coleman and KOGAS president and CEO Lee, Seung-Hoon.
The agreement, which renews a partnership in place since 2011, furthers co-operation between Woodside and KOGAS in a number of areas, including developing future business arrangements, knowledge sharing, staff secondments, joint technology studies and workshops.
Peter Coleman said the signing gives both companies scope to create material benefits by working together to realise new project opportunities.
“The business case for continuing our cooperation with KOGAS is clear. Their capabilities and technological innovations in LNG are world class and complement Woodside’s business,” he said.
Woodside currently supplies LNG to KOGAS, with LNG primarily sourced from Pluto LNG.
Woodside is Australia’s largest independent oil and gas company with an exploration portfolio that includes emerging and frontier provinces in Australia and the Asia-Pacific region, the Atlantic margins and Latin America and Sub-Saharan Africa.
KOGAS was incorporated by the Korean government in 1983. Since its founding, it has grown to become the world’s largest LNG importer, supplying it to power generation plants, gas-utility companies and city gas companies throughout the country. It produces and supplies natural gas, purifies and sells gas-related byproducts, builds and operates regasification facilities and transmission networks, and explores, imports and exports natural gas for domestic and overseas markets.