Petronas and CNOOC fortify energy bonds with LNG offtake

December 25, 2025, by Melisa Cavcic

Petronas LNG, a subsidiary of Malaysia’s state-owned oil and gas heavyweight Petronas, and CNOOC Gas and Power Singapore Trading & Marketing, an affiliate of Chinese state-owned oil and gas giant China National Offshore Oil Corporation (CNOOC), have expanded their existing relationship by striking a liquefied natural gas (LNG) deal, said to support China’s dual carbon ambitions and reinforce the Malaysian firm’s role as a reliable LNG partner in Asia.

By entering into a sale and purchase agreement (SPA) with CNOOC for the supply of 1.0 million tonnes per annum (mtpa) of LNG, Petronas claims to have strengthened cooperation in LNG supply while supporting China’s economic growth, and national clean energy agenda, including the dual carbon aspirations of peaking emissions before 2030 and achieving carbon neutrality by 2060.

Shamsairi M Ibrahim, Vice President of PETRONAS LNG Marketing and Trading, commented: “This agreement marks an elevation of our relationship with CNOOC, advancing our shared commitment to energy security and a lower carbon future.

“Beyond supplying LNG, it reflects the continued development of our long-term partnership. Petronas remains committed to delivering reliable and cleaner LNG solutions, working with partners to advance shared energy transition goals.”

With Asia’s rising demand for lower-carbon fuels, the Malaysian firm plans to continue to deliver LNG from its portfolio to support customers’ evolving energy needs across the region.

Petronas has also been active in other locations, including Suriname, where a declaration of commerciality (DoC) of the Sloanea field in Block 52 was revealed in November 2025.

This reaffirms the project’s readiness to progress from discovery towards development, subject to the final investment decision (FID).

CNOOC has also been a busy bee this year, bringing projects online and exploring hydrocarbon potential of China’s offshore acreage, which recently led to a new oilfield find in the Bohai Sea.