The Woodside Energy Group Ltd (ASX: WDS) share price is in the green on Wednesday.

Shares in the S&P/ASX 200 Index (ASX: XJO) energy stock closed yesterday trading for $24.13. In morning trade on Wednesday, shares are swapping hands for $24.20 apiece, up 0.3%.

For some context, the ASX 200 is down 0.2% at this same time.

This modest outperformance comes amid Woodside's announcement of a new, long-term liquefied natural gas (LNG) agreement.

Woodside stock is also likely catching some tailwinds form the 1.3% uptick in the oil price overnight. Brent crude oil is currently trading for US$73.70 per barrel.

ASX 200 energy stock inks new long-term deal

Investors are bidding up the Woodside share price after the company reported it has signed a sale and purchase agreement (SPA) with JERA for the long-term supply of LNG to Japan.

JERA is Japan's largest power generation company.

The agreement will see Woodside supply approximately 400,000 tonnes, or six cargoes, of LNG each year over 10 years on a delivered basis.

The first delivery is set to commence in April 2026.

Woodside said that the LNG it sells to JERA under the new agreement will be sourced from volumes across its global portfolio.

The agreement comes seven months after Woodside agreed to sell a 15.1% non-operating participating interest in the Scarborough Joint Venture to JERA, as announced in February.

Commenting on the long-term supply agreement that looks to be supporting the Woodside share price today, Woodside executive vice president and chief commercial officer Mark Abbotsford said the execution of the SPA strengthened the company's commitment to explore business opportunities alongside JERA.

"This LNG offtake agreement is Woodside's first long-term sale to JERA from our global portfolio and delivers on one of the core elements of our strategic relationship outlined earlier this year," Abbotsford said.

Abbotsford added:

We understand the demand from our customers in the Asian region for reliable energy. LNG continues to be an important energy source for Japan, one which can support the country's efforts to decarbonise.

Woodside expects it will complete its Scarborough equity sale to JERA before the end of 2024.

Woodside share price snapshot

It's been a difficult year for Woodside shareholders amid a big slump in global oil prices.

Twelve months ago, Brent crude oil was trading for US$94.43 per barrel. Meaning that even with the overnight bump higher, the oil price is down 22% over the year.

As for the Woodside share price, the ASX 200 energy stock has slumped 36% over this same time.