TotalEnergies Extends LNG Supply Agreement with CNOOC Until 2034

Thursday, September 19, 2024

TotalEnergies has secured a five-year extension of its sales and purchase agreement (SPA) with CNOOC, for the delivery of 1.25 million tons of LNG per year to China until 2034.

Thanks to this agreement, TotalEnergies strengthens its long-term positions in the growing Chinese market.

In China, natural gas serves as a crucial transition energy, mitigating the intermittency of renewable energy sources and reducing emissions when used as a substitute for coal in electricity generation.

“We are pleased to strengthen our ties with CNOOC, a key partner for the Company in the world’s largest LNG importing country. This agreement allows us to continue securing long-term sales in Asia and reduce our exposure to spot market gas prices,” said Gregory Joffroy, Senior Vice President, LNG at TotalEnergies.

TotalEnergies is the world’s third largest LNG player with a global portfolio of 44 Mt/y in 2023 thanks to its interests in liquefaction plants in all geographies.

The company’s ambition is to increase the share of natural gas in its sales mix to close to 50% by 2030, to reduce carbon emissions and eliminate methane emissions associated with the gas value chain, and to work with local partners to promote the transition from coal to natural gas.

Categories: LNG Industry News Activity Europe Asia Oil and Gas

Related Stories

Eni Inks Long-Term Indonesia LNG Supply Agreements

Indonesia Locks In LNG Supplies from Inpex' Abadi and Eni’s South Hub

Oil Prices Rise as Iran Talks Stall and Inventories Shrink

Oil Climbs Above $110 After Gulf Drone Attacks Raise Supply Fears

Petronas Signs 20-year Charter Deal with MISC for Five LNG Carrier Newbuilds

Iraq, Pakistan Secure Oil Shipments via Hormuz with Iran Agreements

Brent Near $114 as Middle East Conflict Continues

Oil Flows to Lag Even if Hormuz Strait Reopens

TotalEnergies Eyes Black Sea Exploration with Türkiye’s TPAO

France Leads 15-Country Effort to Reopen Strait of Hormuz

Current News

BP to Boost Azerbaijan Portfolio with Babek Gas Field Operatorship Takeover

Petrobras Nears Deal With SBM Offshore for Two Sergipe FPSOs

Mitsui Eyes New LNG Investments to Power Data Center Growth

Oil Prices Fall Amid Signs of US-Iran Ceasefire Extension Deal

Three Dead After Incident at Petronas' FSO Offshore Malaysia

Planned Strike at Inpex’s Ichthys LNG Facility Called Off as Talks Continue

Eni Inks Long-Term Indonesia LNG Supply Agreements

Indonesia Locks In LNG Supplies from Inpex' Abadi and Eni’s South Hub

Wood Secures Subsea Design Scope on QatarEnergy’s Bul Hanine Redevelopment

Oil Prices Rise as Iran Talks Stall and Inventories Shrink

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