Woodside Energy’s (ASX:WDS) shares increased as much as 1% to A$38.5, marking their highest value since August 1 of the previous year.
The company, which is primarily involved in oil and gas production, announced on Tuesday that it had secured a deal with LNG Japan.
Under the terms of the agreement, Woodside would sell a 10% participating interest in the value of its $12 billion Scarborough liquefied natural gas (LNG) project in Australia for $500 million.
Following the conclusion of the deal, Woodside will retain a 90% interest in the Scarborough joint venture and continue to act as its operator.
Completion of the deal is anticipated in the first quarter of 2024.
Furthermore, the company announced its entry into agreements with Sumitomo and Sojitz to explore global opportunities in new energy sources.
Roughly 1.9 shares have been traded, compared with the 30-day average volume of 3.5 million shares.
As of the last closing, nine out of 17 analysts classified the stock as a ‘buy’ or higher, six regarded it as a ‘hold’, and two listed it as ‘sell’ or lower; their median price target is A$37.
Woodside’s stock has increased 7.7% this year.
Woodside Energy is a globally renowned oil and gas producer based in Australia.