Australia's Woodside Energy gave final approval to build a $17.5 billion liquefied natural gas project in Louisiana, confident a pro-fossil fuel U.S. administration and strong demand will give it competitive returns.

Woodside has entered an agreement with bp to supply gas to the Louisiana LNG project in Calcasieu Parish, US. The agreement represents the first portion of a diverse feed gas portfolio that will support the project,

S&P Global Ratings has revised down its credit outlook on Woodside Energy after the Australian firm took the final investment decision on the $17.5 billion Louisiana LNG export project. The rating agency cut the outlook to ‘negative’ from ‘stable’