Cheniere & Woodside Sign 20-Year LNG Sale and Purchase Agreement

Source: www.gulfoilandgas.com 6/30/2014, Location: North America

Cheniere Energy, Inc announced that its subsidiary, Corpus Christi Liquefaction, LLC, has entered into a liquefied natural gas ("LNG") sale and purchase agreement ("SPA") with Woodside Energy Trading Singapore Pte Ltd under which Woodside has agreed to purchase approximately 0.85 million tonnes per annum ("mtpa") of LNG upon the commencement of operations of Train 2 of the LNG export facility being developed near Corpus Christi, Texas (the "Corpus Christi Liquefaction Project"). The Corpus Christi Liquefaction Project is being designed and permitted for up to three trains, with aggregate design production capacity of 13.5 mtpa of LNG.

Under the SPA, Woodside will purchase LNG on a free on board ("FOB") basis for a purchase price indexed to the monthly Henry Hub price plus a fixed component. LNG will be loaded onto Woodside's vessels. The SPA has a term of twenty years commencing upon the date of first commercial delivery of the second train of the Corpus Christi Liquefaction Project, with an extension option of up to ten years. Deliveries from Train 2 are expected to occur in 2019.

"Woodside, the largest Australian independent oil and gas company, will join our portfolio of customers in the Corpus Christi Liquefaction Project," said Charif Souki, Chairman and CEO. "To date we have entered into SPAs aggregating approximately 6 mtpa of LNG volumes. We are in advanced discussions with other counterparties and are working towards finalizing additional agreements. We expect to complete all necessary steps to reach a final investment decision and begin construction by early 2015."

The SPA is subject to certain conditions precedent, including but not limited to Corpus Christi Liquefaction receiving regulatory approvals, securing necessary financing arrangements and making a final investment decision to construct Train 2 of the Corpus Christi Liquefaction Project (the "Corpus Christi FID").


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Related Categories: Coal  Electricity  General  Natural Gas  Oil 

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