Australia's Woodside Energy said on Wednesday it has agreed to explore opportunities to collaborate with Saudi Aramco, which might take a stake in its $17.5 billion Louisiana liquefied natural gas project.

Australia's Woodside Energy (NYSE:WDS) and Saudi Arabia’s state-owned Aramco (ARMCO) have signed a non-binding agreement that could see Aramco acquire a stake in Woodside’s 16.5 million t/yr LNG project in Louisiana and collaborate on other initiatives.

Woodside Energy floated the possibility of Saudi Arabian Oil Co., known as Aramco, buying a stake in its newly approved Louisiana LNG project after signing a collaboration agreement with the giant producer.