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 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.

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.