PNG LNG pens four-year supply deal with Unipec

Image courtesy of ExxonMobil

PNG LNG project partners have entered into a mid-term LNG sale and purchase agreement with Unipec.

Santos, one of the partners in the PNG LNG project, said on Tuesday that the contract with Unipec, a wholly-owned subsidiary of Sinopec, was for the supply of LNG set to begin in April 2019.

According to the company, the mid-term agreement with Unipec is for the supply of approximately 0.45 million tonnes of liquefied natural gas (LNG) per annum (mtpa) over a four-year period.

This sale and purchase agreement increases the total contracted volumes from the project to 7.9 mtpa.

PNG LNG’s annual output already committed stands at 6.6 million tonnes under long-term contracts with JERA, Osaka Gas, Sinopec, and CPC as well as 1.3 million tonnes under mid-term SPAs with PetroChina, BP, and Unipec.

There are six co-venturers participating in PNG LNG, with ExxonMobil as the operator. The other partners are Oil Search Limited, Kumul Petroleum, Santos, JX Nippon Oil & Gas Exploration, and Mineral Resources Development Company.

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