Qatar and China ink another LNG supply deal
State-owned Qatar Petroleum has signed another long-term LNG supply deal, this time with Chinese NOC Cnooc
Qatar Petroleum will supply Cnooc with 3.5mn t/yr of LNG for 15 years, with the sale and purchase agreement (SPA) starting in January 2022. The deal expands upon an existing relationship between the companies, since Cnooc has been taking Qatari LNG since 2009. The SPA helps support Qatar Petroleum’s rapid expansion plans with guaranteed income streams, while also partially shielding buyer CNOOC from the current strength and volatility of LNG prices. Other customers in the established east Asian LNG markets—China, Japan and South Korea—may also follow suit and lock-in additional long-term contracted supply in response to high spot prices, since the Platts JKM spot price broke the $20/mn Btu
Also in this section
16 May 2024
Flat oil growth in 2024 highlights mounting industry problems
15 May 2024
Five years ago, Uzbekistan turned to a private company called Saneg to reverse the fortunes of its oil industry. Results so far are encouraging, and according to CEO Tulkin Yusupov, further progress is on the way
14 May 2024
But there is still plenty of appetite for the country’s LNG in the Asia-Pacific region
14 May 2024
The former CEO of Pioneer, Scott Sheffield, has opened a can of worms through his association with OPEC+ and its market management strategy