Announcing the deal, 29% partner Oil Search said the purchase agreement took the total contracted volumes from the project to 7Mtpa, with 6.6Mtpa of PNG LNG's annual output already committed under long-term contracts to JERA, Osaka Gas, Sinopec and CPC.

 

Oil Search MD Peter Botten said PetroChina had been a buyer of spot LNG cargoes from PNG LNG.

 

"The first sale under the new agreement is expected to take place this week. This is the first mid-term sale to be finalised for the supply of up to 1.3 million tonnes per annum (in aggregate) from PNG LNG for a period of up to five years.

 

"ExxonMobil, on behalf of the PNG LNG project participants, is in negotiations with a number of other parties for potential LNG supply agreements, which are expected to be finalised in the near term," Botten said.