Woodside, CPC seal long-term LNG supply deal

Australian LNG player Woodside has signed a long-term LNG supply deal with Taiwan’s CPC.

Under the sales and purchase deal, Woodside will supply about 6 million tonnes of LNG on a delivered basis over 10 years, starting in July 2024, according to s statement by Woodside.

Woodside may also deliver about 8.4 million tonnes of LNG to CPC for a further 10 years, from 2034 to 2043, subject to conditions and agreement on terms for this period, it said.

LNG delivered to CPC under the SPA will be sourced from volumes across Woodside’s global portfolio.

Woodside CEO Meg O’Neill said the SPA represents the company’s first long-term agreement for sales to Taiwan.

“This agreement with CPC for long-term supply to Taiwan is a first for Woodside and another demonstration of the ongoing demand for Australian LNG in Asian markets,” she said

“It also reinforces the value our customers place on Woodside’s ability to maintain safe and reliable supply of energy into the 2030s,” Meg O’Neill said.

Earlier this year, Woodside also signed a long-term deal with South Korea’s Kogas to supply the latte with about 0.5 million tonnes per annum of LNG for a period of 10.5 years on a delivered basis, starting in 2026.

LNG delivered to Kogas under this SPA will come from uncommitted volumes across Woodside’s global portfolio, including the Scarborough energy project which is targeting first LNG cargo in 2026.

In November 2021, Woodside took a final investment decision on the Scarborough and Pluto LNG Train 2 developments worth about $12 billion.

Pluto Train 2 will get gas from the Scarborough gas field, located about 375 km off the coast of Western Australia, through a new trunkline long about 430 km.

On the other hand, CPC signed in May a 27-year deal to buy LNG from from QatarEnergy’s North Field East (NFE) expansion project.

QatarEnergy will deliver four 4 million tonnes of LNG per year from the NFE project to CPC, while the latter will also take a stake in the NFE project.

CPC currently operates the Yung-An and Taichung LNG import terminals and is working on the Guantang LNG terminal and the Zhouji LNG terminal.

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