Excelerate Energy Secures Long-Term LNG Deal with Petrobangla, Bangladesh

Wednesday, November 8, 2023

U.S.-based LNG firm Excelerate Energy has signed a long-term liquefied natural gas (LNG) sale and purchase agreement (SPA) with the Bangladesh Oil, Gas & Mineral Corporation (Petrobangla). 

Petrobangla has agreed to purchase 0.85 to 1.0 million tonnes per annum (MTPA) of LNG from Excelerate for a term of 15 years beginning January 2026. Excelerate will deliver 0.85 MTPA of LNG in 2026 and 2027 and 1 MTPA from 2028 to 2040.

Excelerate first opened the Bangladesh market to LNG in 2018 with the development of its integrated Moheshkhali LNG floating storage and regasification unit (FSRU) terminal. 

In the years since, Excelerated Energy deployed a second FSRU terminal to the Bay of Bengal and has utilized its infrastructure position to win spot LNG cargos sales into Bangladesh. Today, Excelerate's two FSRUs in Bangladesh deliver approximately 25% of the country’s natural gas supply.

“Bangladesh is one of the most dynamic LNG markets in the world, and Excelerate has been a key player since the country began importing LNG. Natural gas is important to Bangladesh’s economy, and we look forward to partnering with Petrobangla to help the country meet its rapidly growing energy needs,” said Steven Kobos, President and Chief Executive Officer of Excelerate. “Long-term LNG offtake agreements like this SPA are an essential part of our integrated growth strategy. Our ability to secure long-term SPAs is expected to result in ratable economic uplift on our existing infrastructure and meaningful value creation for our shareholders.”

Categories: LNG Asia Gas FSRU

Related Stories

Shell Hires Noble’s Drillship for Work in Southeast Asia

Valeura Wraps Up Infill Drilling Campaign in Gulf of Thailand

Marine Masters Secures Wellhead Platforms Installation Job Off India

Japan's Mitsui Eyes Alaska LNG Project

Saipem’s Castorone Vessel on Its Way to Türkiye’s Largest Gas Field

Flare Gas Recovery Meets the Future

ABS Approves Hanwha Ocean’s FPSO Design

Sunda Energy Closing in on Jack-Up Deal for Chuditch-2 Appraisal Well

QatarEnergy Signs Deal with Shell for Long-Term LNG Supply to China

Valeura Boosts Production at Jasmine Field with Five New Wells Now Onstream

Current News

CNOOC Makes Major Oil and Gas Discovery in South China Sea

Valeura’s Assets in Gulf of Thailand Remain Operational After Earthquake

Op-Ed: Kazakhstan’s National O&G Firm Positioning Itself as Global Energy Player

Woodside to Shed Some Trinidad and Tobago Assets for $206M

CNOOC Sees 11% Profit Growth in 2024 Driven by Record Oil Production

‘Ultra-Mega’ Offshore Deal for L&T at QatarEnergy LNG’s North Field Gas Scheme

Keel Laying for Wind Flyer Trimaran Crew Boat

MODEC Gets Shell’s Gato do Mato FPSO Ops and Maintenance Job

EnerMech Names APAC Regional Chief

CIP Reaches Financial Close for Offshore Wind Farm in Taiwan

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com