What is the volume of LNG to be supplied under the new Petronas-CNOOC SPA?

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Petronas and CNOOC Agreement Specifies 1.0 Million Tonnes Per Annum of LNG Supply

Under the newly established sale and purchase agreement (SPA) between Petroliam Nasional Bhd (Petronas) and CNOOC Gas and Power Singapore Trading & Marketing Pte Ltd, the contracted volume for liquefied natural gas (LNG) supply is set at 1.0 million tonnes per annum (MTPA). This agreement underscores a continued partnership aimed at meeting energy demands and supporting China's clean energy objectives.
Agreement Details and Parties Involved

The SPA was formalised between Petronas LNG Ltd, a subsidiary of Petronas, and CNOOC Gas and Power Singapore Trading & Marketing Pte Ltd. This specific agreement focuses on the supply of 1.0 million tonnes of LNG annually, a quantity that reflects a commitment to a long-term relationship between the two entities.
Strategic Significance of the Agreement

This transaction is positioned as a reinforcement of Petronas's role as a reliable LNG supplier to China. It builds upon an existing working relationship and aims to strengthen cooperation within the Asian gas market. The agreement also aligns with China's broader clean energy agenda, including its "dual carbon" goals of peaking emissions before 2030 and achieving carbon neutrality by 2060.
Broader Market Context and Petronas's Role

The agreement comes at a time of increasing demand for lower-carbon fuels across Asia. Petronas, through its established LNG portfolio, intends to continue supplying customers in the region with their evolving energy needs. This partnership with CNOOC is seen as an advancement of shared commitments towards energy security and a transition to a lower-carbon future, as stated by Petronas LNG Marketing and Trading vice-president Shamsairi M Ibrahim.

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What is the volume of LNG to be supplied under the new Petronas-CNOOC SPA?

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