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.

Australia’s Woodside Energy is boosting its U.S. exposure with a formal commitment to develop the $17.5 billion first stage of a world-class U.S. LNG project.

Australian company Woodside Energy announced Tuesday that it has approved a plan for a Louisiana LNG project. The company said the $17.5 billion investment will be made in the LNG project, pipeline, and management reserve.