The US LNG group Venture Global LNG has signed a 20-year Sales and Purchase Agreement (SPA) with CNOOC Gas & Power (China), under the terms of which Venture Global LNG will supply 2 Mt/year of LNG from its Plaquemines LNG export project in Plaquemines Parish, Louisiana (United States) to CNOOC on a free on board (FOB) basis. The proposed 20 Mt/year (27 bcm/year) Plaquemines LNG export terminal will be developed in two 10 Mt/year stages, with a phased operational startup in mid-2023 and full operations by mid-2024. In addition, the US LNG producer will sell 1.5 Mt of LNG from its Calcasieu Pass LNG project (US) to CNOOC over a shorter period; the 10 Mt/year Calcasieu Pass LNG project is currently under construction and expected to be commissioned in 2022.
In October 2021, Venture Global LNG had already signed LNG supply agreements with Chinese companies, to deliver 4 Mt/year of LNG from Plaquemines LNG to Sinopec over a 20-year period and another 1 Mt/year of LNG from Calcasieu Pass LNG to Unipec (a subsidiary of Sinopec) over a 3-year period starting in March 2023.
In addition, BP has signed an LNG sale and purchase agreement with a subsidiary of China’s State Power Investment Corp (SPIC) to deliver 0.2 Mt/year of regasified LNG over a 10-year period starting in 2023. LNG will be regasified at the Guangdong Dapeng LNG terminal and will be delivered to the southern Guangdong province. BP had already signed a 10-year LNG supply agreement with the Chinese city-gas distribution company Shenzhen Gas.