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

China's ENN, Zhenhua Oil Ink LNG Supply Deals with ADNOC

Shell Predicts 60% Rise in LNG Demand by 2040 with Asia Leading the Way

Kazakhstan Looks to Improve Oil Production Agreements Terms

ConocoPhillips Takes Over Operatorship of Malaysian Oil and Gas Cluster

China's CNOOC Aims for Record Oil and Gas Production in 2025

CNOOC Boosts Dongfang Gas Fields Output with New Platform Coming Online

Abu Dhabi's NMDC Group Gets $1.1B Subsea Gas Pipeline Job in Taiwan

BP to Help Boost Oil and Gas Output at India’s Largest Producing Field

China’s CNOOC Brings Bohai Sea Oil Field On Stream

ABS Approves Hanwha Ocean’s FPSO Design

Current News

China's ENN, Zhenhua Oil Ink LNG Supply Deals with ADNOC

MODEC Wins ExxonMobil Guyana’s Hammerhead FPSO Contract

Mitigate SCC & HE to Keep Offshore Metal Structures Ship Shape

India Stretches Bids Deadline for 13 Offshore Deep-Sea Mineral Blocks

Indonesia Awards Oil and Gas Blocks to Boost Reserves

Sapura Energy Nets $22.6M in Offshore Support Vessel Contracts

CNOOC Puts Into Production New Oil Field in South China Sea

Sunda Energy Starts Environmental Consultation for Chuditch-2 Well Drilling Plans

Pakistan’s OGDC to Start Production at ADNOC’s Offshore Block by 2027

Petrovietnam, Petronas Extend PSC for Offshore Block

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