Petronas Signs Deal For 1 MTPA Of LNG From Venture Global

Oil & Gas

A subsidiary of the Malaysian state-owned oil and gas company Petronas has announced the execution of a new 20-year Sales and Purchase Agreement (SPA) for the purchase of 1 million tons per annum of LNG from Venture Global’s Plaquemines LNG facility.

With this agreement, Venture Global has now announced 20-year sales for 16 MTPA of the 20 MPTA nameplate capacity at Plaquemines LNG.

“Venture Global is proud to begin a new, long-term supply partnership with PETRONAS, a world-renowned and experienced leader in global LNG engineering and operations,” said Venture Global CEO Mike Sabel.

“This contract represents a significant expansion of our existing customer base in Asia, and we particularly look forward to Petronas bringing our competitive, lower carbon energy into Southeast Asia, a region with rapidly growing gas demand,” Sabel added.

“Petronas looks forward to the long-term LNG partnership with Venture Global which will support the growth and accessibility of natural gas. With the growing demand for energy security, the addition of the new volume certainly enhances Petronas’ global supply portfolio and demonstrates our support of the energy transition towards a lower carbon future,” Petronas Vice President of LNG Marketing and Trading Shamsairi Ibrahim stated.

To remind, this week Venture Global LNG lined up two sales and purchase agreements with ExxonMobil totaling 2 million tons per annum of LNG.

Under the long-term deals ExxonMobil’s unit, ExxonMobil LNG Asia Pacific, will purchase 1 million tons per annum from the Plaquemines LNG facility as well as 1 million tons per annum from the CP2 LNG facility.

Venture Global’s first project, the 10 million tons per annum Calcasieu Pass facility commenced producing LNG in January 2022. The company is also constructing or developing an additional 60 MTPA of production capacity in Louisiana as well as Carbon Capture and Sequestration projects at each of its LNG facilities.

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