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CNOOC signs LNG purchase agreement with Total

(Xinhua)
Updated: 2008-06-17 12:14

China National Offshore Oil Corporation (CNOOC), the country's largest offshore oil company, signed an agreement for the sale of liquefied natural gas (LNG) with Total on Monday.

According to the agreement signed between CNOOC and Total Gas and Power Limited (TGP), up to 1 million tons of LNG will be delivered annually to the Chinese oil company starting in 2010.

The gas will be sourced from Total's global LNG portfolio, based on its participation in over 10 liquefaction projects worldwide, and on TGP's trading activities, said a Total China source.

CNOOC's purchase of LNG will be "long-term" and the price as well as the supply term may be determined in a concrete agreement in future, said a CNOOC source.

The sale is a part of the Memorandum of Understanding (MOU) signed by CNOOC and Total on Monday, with the aim to enhance the two companies wide-ranging cooperation in the areas of upstream, downstream and in the field of new energies.

The MOU was one of the foundations for Total and CNOOC to explore further cooperation. This was in line with China's priorities of energy security and sustainable development, by providing increased access to clean sources of energy, said both companies in a joint circular.

China's booming demand for clean and efficient energy has promoted the development of the LNG industry. The country's first LNG terminal, located in the southern Guangdong Province, with CNOOC the major operator, was put into operation in 2006.

CNOOC has cooperated with Total both at home and overseas. CNOOC already has a 45 percent stake in the Akpo project in Nigeria operated by Total.