US liquefied natural gas (LNG) export project developer Venture Global and Japan’s oil and gas company Inpex have signed a long-term sales and purchase agreement for the purchase of one million tonnes per annum (1 mtpa) of LNG for 20 years.
Under the agreement, Inpex Energy Trading Singapore (IETS), a Singapore-based subsidiary of Inpex, will purchase 1 mtpa of LNG from CP2 LNG , Venture Global’s third project which is expected to commence construction in 2023.
“Venture Global is delighted to welcome Inpex, Japan’s largest gas exploration and production company, as a customer at CP2 and expand our customer base in Asia. We are honoured to provide security of LNG supply to this key market and look forward to supporting Inpex as it delivers our competitive lower carbon energy to the region,” said Venture Global CEO Mike Sabel.
Executive Officer and Senior Vice President of Global Energy Marketing at INPEX Hiroshi Kato said: “This agreement will enable the Inpex Group to procure LNG from the US on a long-term basis, expand its LNG supply capacity, and diversify its supply sources to further contribute to the stable supply of energy.”
Other CP2 LNG customers include ExxonMobil, Chevron , EnBW , and New Fortress Energy .
In October, Venture Global and EnBW expanded their existing LNG partnership from 1.5 mtpa to 2 mtpa.
Besides CP2, Venture Global’s LNG projects include Calcasieu Pass , Delta , and Plaquemines .
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