Australia's Woodside Energy gave final approval to build a $17.5 billion liquefied natural gas project in Louisiana, confident a pro-fossil fuel U.S. administration and strong demand will give it competitive returns.

S&P Global Ratings has revised down its credit outlook on Woodside Energy after the Australian firm took the final investment decision on the $17.5 billion Louisiana LNG export project. The rating agency cut the outlook to ‘negative’ from ‘stable’

Woodside Energy approved the $17.5 billion development of the Louisiana LNG project, betting on strong ongoing demand for traditional fuels and the U.S. as a key natural gas supplier to the global market.