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LNG spot prices not impacting PNG LNG contract arbitration

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LNG Industry,

Reuters is reporting that, according to Oil Search Ltd., the current low LNG spot prices will have no impact on a long-term contract arbitration being held between Osaka Gas and Exxon Mobil Corp.’s PNG LNG project.

Ian Munro, Oil Search’s executive vice president for gas marketing, reportedly stated that “the current market has no impact on the discussions.”

Munro continued to explain that sales and purchase agreements (SPAs) are unique to each customer, and so generalisations about how one specific arbitration might play out are hard to make.

Exxon Mobil and Osaka have both declined to comment on the arbitration.

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