Total, CNOOC reinforce strategic LNG partnership

Total

Total has reported the signature of an LNG cooperation agreement strengthening the partnership between Total and China National Offshore Oil Corp. (CNOOC).

Under the terms of an existing 15-year contract, Total has been supplying China with up to 1 million tons per year of LNG since 2010. In addition to agreeing on a price review regarding this existing supply, the parties have set a framework for an additional supply of 1 million tons per year of LNG, as well as further cooperation throughout the LNG value chain.

Total already supplies more than 8% of the Chinese market, with 5 million tons of LNG already delivered between 2010 and 2014. In the coming years, the Group will benefit from additional supply sources in Australia, Russia, and the US, complementing existing Middle East and African sources, in order to respond to China’s growing LNG demand.

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