French energy giant Total and China’s CNOOC have signed an amendment to their existing deal for liquefied natural gas (LNG) supply.
The partners have increased the contract volume from 1 million tons per annum (Mtpa) to 1.5 Mtpa of LNG, sourced from Total’s global LNG portfolio, and have extended the term of contract to 20 years, according to a Total statement on Monday.
The initial long-term deal was signed in 2008, with an annual contract volume of 1 Mtpa for a period of 15 years.
“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,” Philippe Sauquet, President Gas, Renewables and Power said in the statement.
Sources:LNG World News
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