TotalEnergies Extends CNOOC LNG Deal by Five Years
9/19/2024
(Reuters) — France's TotalEnergies said on Thursday it has extended an agreement with China's CNOOC by five years that will see it deliver 1.25 million tons of LNG per year until 2034.
"Thanks to this agreement, TotalEnergies strengthens its long-term positions in the growing Chinese market," the company said in a statement.
TotalEnergies is a major player in the liquefied natural gas sector.
"We are pleased to strengthen our ties with CNOOC (China National Offshore Oil Corporation), a key partner for the company in the world's largest LNG importing country. This agreement allows us to continue securing long-term sales in Asia and reduce our exposure to spot market gas prices," said Gregory Joffroy, LNG senior vice president at TotalEnergies.
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Pipeline Project Spotlight
Owner:
East African Crude Oil Pipeline Company
Project:
East African Crude Oil Pipeline (EACOP)
Type:
TotalEnergies in discussions with a Chinese company after Russian supplier Chelpipe was hit by sanctions.
Length:
902 miles (1,443 km)
Capacity:
200,000 b/d
Start:
2022
Completion:
2025
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