Canada’s Tourmaline inks LNG deals with Trafigura

Canada’s largest natural gas producer Tourmaline said it had signed two liquefied natural gas (LNG) agreements with commodity trader Trafigura.

According to a statement issued by Tourmaline on Monday, the firm has increased its exposure to JKM by entering into a netback agreement with Trafigura Pte Limited based on 62,500 mmbtu/d of LNG (or about 0.5 mtpa) for a seven-year term starting January 2027, with the potential for extension to December 2039.

In addition, Tourmaline has also expanded its international exposure to include a physical netback agreement with Trafigura Canada which will receive Dutch TTF index pricing.

Starting in March 2024, Tourmaline will deliver 50,000 mmbtu/d of natural gas at AB-NIT and receive a Dutch TTF index price (less associated deductions) until December 2026, the firm said.

Tourmaline did not provide any additional information.

Back in 2021, Tourmaline entered into a deal to supply gas to Cheniere’s Corpus Christi LNG export plant in Texas.

The company is also a partner in Rockies LNG, a partnership of Canadian natural gas producers working together to advance the Ksi Lisims LNG project.

Tourmaline exited 2023 with average daily production in excess of 600,000 boepd including over 150,000 bbls/d of average liquids production and has continued at these production levels in January, it said.

On the other hand, Trafigura’s LNG volumes dropped 13.8 percent in the fiscal year ending September 30 while the company’s profit rose.

LNG volumes declined to 11.2 million tonnes compared to 13 million tonnes during the same period last year, which also declined from the previous year.

Trafigura buys LNG from various sources, including under a long-term deal with US LNG exporting giant Cheniere.

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