(Bloomberg) — Woodside Energy Group (WDS) made a final investment decision on a $17.5 billion liquefied natural gas export project in the US, cementing the Australian company’s position as a top supplier of the super-chilled fuel.

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The approval clears construction of the Louisiana LNG plant, which is targeting its first shipment in 2029, Woodside said Tuesday. The development will see the company handling more than 5% of global supply in the 2030s, it said.

The project is the single largest direct foreign investment in Louisiana’s history, according to Woodside, a move that will likely please President Donald Trump, who imposed, and then delayed, widespread tariffs on many countries this month. Trump has called on countries to buy more American energy, and the Louisiana project will further cement the US as the world’s biggest LNG supplier.

Louisiana LNG is also a key part of Perth-based Woodside’s plans to expand away from its plants in Australia, which mainly supply Asian customers. Woodside shares rose as much as 1.6% on Tuesday in Sydney, but are down about 16% this year.

“Louisiana LNG is a game-changer for Woodside, set to position our company as a global LNG powerhouse,” Chief Executive Officer Meg O’Neill said in an interview. “The marketing opportunities Louisiana LNG offers across the Pacific and Atlantic Basins leverages Woodside’s proven LNG marketing capabilities and complements our established position in Asia.”

The company is looking to secure contracts with buyers for a variety of durations between five and 20 years for better flexibility, O’Neill said. Global LNG demand should increase 50% in the coming decade, the Woodside CEO said on a separate call with analysts.

BloombergNEF forecasts LNG supply will exceed consumption by 2027, with the market becoming increasingly oversupplied by the end of the decade as new projects are commissioned. The move will further commit Woodside to producing fossil fuels for decades to come.

The Louisiana plant is unlikely to deliver strong shareholder returns and is an alarming sign that Woodside’s board is not managing climate risk effectively, said Alex Hillman, Lead Analyst of shareholder advocacy group Australasian Centre for Corporate Responsibility.