Woodside Energy Group (ASX:WDS) said it is progressing discussions with additional partners for its integrated Louisiana LNG project in the US, according to a April 27 statement by the company.

The partnership approach aims to reduce Woodside's capital expenditure while accelerating the project's value, the statement said.

The project could deliver over AU$8 billion in net operating cash and generate a 12% return, projected to exceed the 12% target outlined in Woodside's capital allocation framework, with an internal rate of return (IRR) expected to exceed 13%, the statement added.

Future expansions of the project could further reduce unit production costs and enhance returns through brownfield development, the company said.