Lots of moving parts at work inside the latest natural gas news, starting with multiple deals that connect four players across La.’s upstream, midstream, and Gulf Coast LNG corridor. Frankly, we’re wondering how the decision pen didn’t run out of ink. Reese Energy Consulting today is following a series of divestitures, purchases, and operating agreements all coming together, starring Tulsa-based Williams, Texas-based GEP Haynesville II, LLC (GeoSouthern), Japan’s JERA, and Australia’s Woodside Energy. This is one strategic pretzel.

Some backstory here.

Williams entered a JV in 2021 with GEP to develop 50,000 net acres in the gas-rich Haynesville– GEP taking a 75% stake, Williams 25%. With production aplenty over the years, along with burgeoning LNG buildouts, the JV in July this year shopped its Haynesville South Mansfield assets producing 536 MMCFD. JERA bit and has now picked up that upstream goodness for $1.5 billion.

GEP, a REC client, will continue to operate and develop the South Mansfield assets. Williams will continue to gather natural gas volumes from South Mansfield and transport them to downstream LNG markets. Those markets will soon include Woodside’s Louisiana LNG project where Williams has inked a partnership worthy of applause. That would include an 80% interest and operatorship of Driftwood Pipeline, a greenfield pipeline connecting Woodside’s LNG terminal to multiple pipelines including Transco, and a 10% interest in Woodside’s Louisiana LNG export terminal now under construction. Williams reports an expected investment of $1.9 billion.