BP and CNOOC sign 20-year LNG deal

Offshore staff

LONDONBP and the China National Offshore Oil Corp. (CNOOC) have agreed to supply up to 1.5 MM metric tons (1.65 MM tons) of LNG per year over 20 years starting in 2019. The agreement was signed in London by BP Executive Vice President Dev Sanyal and CNOOC Chairman Wang Yilin, in the presence of UK Prime Minister David Cameron and Chinese Premier Li Keqiang.

A full commercial contract is expected to be agreed in mid-2014. BP expects to supply LNG from its global portfolio, using its own LNG tanker fleet and chartered ships delivering gas to a number of terminals in China.

06/20/2014

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