Woodside Energy approved the $17.5 billion development of the Louisiana LNG project, betting on strong ongoing demand for traditional fuels and the U.S. as a key natural gas supplier to the global market.

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’

Woodside (NYSE:WDS) signed an agreement with BP (NYSE:BP) on Tuesday for the integrated energy major to supply natural gas to the Louisiana LNG project. This agreement represents the first tranche of a diversified portfolio of feedgas that will support the Louisiana LNG project,