Coterra Energy and Vitol Inc. (“Vitol”) announced the execution of a natural gas Sale and Purchase Agreement (“SPA”). Under the SPA, Coterra will supply 100,000 MMBtu/d of natural gas (equivalent of approximately .7 million tonnes of LNG per annum) to Vitol with the purchase price indexed to JKM for a period of 11 years, beginning in 2027.
Coterra’s Chairman, Chief Executive Officer, and President, Thomas Jorden, said: “The U.S. has an abundant, low-cost natural gas resource that can help support energy reliability and energy affordability around the world. America’s role as a major energy exporter further strengthens our nation’s standing on the global stage. Coterra is pleased to further expand on our valuable relationship with Vitol.”
Ben Marshall, Head of Vitol Americas, said: “We are pleased to build upon our relationship with Coterra, a premier producer in US oil and gas space. As the energy landscape continues to evolve, US natural gas production will continue to play a critical role in satisfying the world’s energy needs. Since 2005, Vitol has been serving LNG customers world-wide and this transaction highlights Vitol’s ability to provide innovative gas and LNG solutions as we continue to strengthen our position to safely and reliably deliver cost effective, flexible solutions around the world.”
