According to the statement, the parties have increased the contract volume from 1 million tpy to 1.5 million tpy of LNG, sourced from Total’s global LNG portfolio. The companies have also extended the term of the contract to 20 years.
The initial long-term LNG SPA was signed in 2008, with an annual contract volume of 1 million tpy for a 15-year period.
Philippe Sauquet, President Gas, Renewables and Power, said: “We are delighted to strengthen our partnership with CNOOC to expand our presence in the Chinese LNG market, which grew by 50% over the first half of 2018 and will continue to drive the increase of LNG demand over the next decade.”
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/22102018/total-and-cnooc-amend-lng-agreement/