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.

Australian company Woodside Energy announced Tuesday that it has approved a plan for a Louisiana LNG project. The company said the $17.5 billion investment will be made in the LNG project, pipeline, and management reserve.

Woodside Energy is involved in intensive discussions with "a couple of parties" interested in participating in its just-approved $17.5B Louisiana LNG gas export project, CEO Meg O’Neill said