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.

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.

Woodside Energy and Aramco have signed a non-binding agreement to explore potential collaborations, including Aramco acquiring an equity interest in the Louisiana liquefied natural gas (LNG) project and securing LNG offtake rights.