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.

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.

The Louisiana LNG facility is expected to create between 500 and 1,000 permanent jobs and 8,000 construction jobs. Officials call it the largest foreign investment in the state's history.