Total and CNOOC have signed an amendment to their existing sale and purchase agreement (SPA) for LNG supply to further strengthen their cooperation in the LNG business. The partners have increased the contract volume from 1 million tpy to 1.5 million tpy of LNG, sourced from Total’s global LNG portfolio, and have extended the term of 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 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,” commented Philippe Sauquet, President Gas, Renewables and Power.