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Woodfibre LNG signs SPA

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LNG Industry,


Woodfibre LNG has taken another step toward shipping some of the world's cleanest LNG to Asian markets, where it can offset coal and displace millions of tonnes of greenhouse gas every year.

Pacific Oil & Gas Limited's (PO&G) wholly-owned subsidiary, Woodfibre LNG, has signed a second LNG Sales and Purchase Agreement (SPA) with BP Gas Marketing Limited (BPGM), a wholly-owned indirect subsidiary of BP Plc, for the delivery of LNG from PO&G's Woodfibre LNG export facility near Squamish, British Columbia. Under the terms of the SPA, BPGM will receive 0.75 million tpy of LNG over 15 years on a free on board (FOB) basis. This latest SPA will increase BPGM's total LNG off-take to 1.5 million tpy, over 70% of Woodfibre LNG's future annual production.

“Forward-looking companies like BP are turning to projects like ours for sustainable, stable gas that will supply a clean energy mix,” said Ratnesh Bedi, PO&G President. “We look forward to working with BPGM to deliver Canadian natural gas from one of the lowest carbon footprint LNG facilities in the world, and help advance the climate goals of growing economies as they phase away from coal, lower their emissions, and meet net-zero targets.” Pacific Oil & Gas is a member of the Singapore-based RGE group of companies. Founded by Sukanto Tanoto, RGE manages a group of resource-based manufacturing companies with global operations.

“The use of renewable energy for e-drive power places Woodfibre – and Squamish – at the forefront of the world's clean energy transition,” said Ron Bailey, President of Woodfibre LNG.

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/10052021/woodfibre-lng-signs-spa/

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British Columbia (B.C.) LNG news