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PNG LNG signs mid-term offtake

20th July 2018

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – The Papua New Guinea liquefied natural gas (PNG LNG) project partners have entered into a mid-term LNG sale and purchase agreement with Hong Kong-based PetroChina International Corporation.

Under the agreement, the PNG LNG project will supply some 0.45-million tonnes of LNG a year over a three-year period, starting in July this year.

The PetroChina offtake agreement took total contracted volumes from the project to 7-million tonnes a year, with 6.6-million tonnes of PNG LNG’s yearly output already committed under long-term contracts to JERA, Oska Gas, Sinopec and CPC.

Santos said on Friday that operator ExxonMobil, on behalf of the project participants, was now negotiating with a number of other parties for potential mid-term LNG supply agreements, in lieu of spot sales.

These agreements are expected to be completed in the near-term and will increase sales under the new mid-term agreements to 1.3-million tonnes a year.

Edited by Creamer Media Reporter

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