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 inked a non-binding collaboration deal with Aramco including for the Saudi oil giant's potential offtake from and ownership in Louisiana LNG.