French multinational Total has expanded its partnership with China National Offshore Oil Corporation (CNOOC) by upping its liquid natural gas (LNG) deliveries.
The two companies have signed an updated LNG Cooperation Agreement increasing the supplies by an additional 1million tons of LNG per year as well as further cooperation throughout the value chain.
Since the start of the original 15 year agreement in 2010, which set out deliveries of up to 1million tons per year, Total has delivered 5million tons of LNG to the Chinese market, representing 8% of the country’s demand.
“As a world leader in LNG, Total seeks to strengthen its position in Asia’s growing LNG markets, where China is among the largest players with 20% annual growth,” said Yves-Louis Darricarrère, President Total Upstream.
“This new agreement allows us to expand our LNG supply and reinforces our cooperation with Chinese companies.”
In 2013 Total produced 12.3million tons of LNG.