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Total and CNOOC have announced that they have signed an amendment to their existing LNG sale and purchase (SPA) agreement to strengthen their cooperation in the LNG business.
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.“
