Total, CNOOC strengthen LNG bonds

Total news

Total and Chinese oil firm CNOOC have further strengthened their cooperation in the liquefied natural gas business.

They have amended their existing sale and purchase agreement LNG supply.

The contract volume has increased from 1 million tons per annum (Mtpa) to 1.5 Mtpa of LNG, sourced from Total’s global LNG portfolio.

The term of the contract is now 20 years.

The initial long-term LNG SPA was signed in 2008, with an annual contract volume of 1 Mtpa for a period of 15 years.

Philippe Sauquet, president gas, renewables and power, Total, 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.”