Total, CNOOC strengthen LNG bonds

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.”