PNG LNG signs BP SPA

THE PNG LNG project in Papua New Guinea has signed a midterm LNG sale and purchase agreement with BP Singapore, partners Oil Search and Santos said today.

PNG LNG signs BP SPA PNG LNG signs BP SPA PNG LNG signs BP SPA PNG LNG signs BP SPA PNG LNG signs BP SPA
 
The LNG supply contract will begin this month and is for 450,000 tonnes of the commodity a year for the three years, rising to 900,000tpa for the remaining two years. 
 
With this new contract the total contracted volumes of LNG from 7MMtpa to 7.5MMtpa. 
 
BP will join customers JERA, Osaka Gas, Sinopec, CPC and PetroChina, with the giant Chinese NOC recently agreeing to a separate SPA with the project to cover recently expanded reserves. 
 
Operator ExxonMobil is also negotiating with a number of other potential clients for midterm LNG supply agreements over spot sales with the aim of a gross 1.3MMtpa of sales being added to the project, which is performing abov...