TotalEnergies has just announced a 5-year extension of its sales and purchase agreement (SPA) with CNOOC, for the delivery of 1.25 million tons of LNG per year to China until 2034, also in line with its strategy to grow its long-term liquefied natural gas (LNG) sales, now with a view to strengthening its long-term positions in the growing Chinese market. In China, natural gas serves as a crucial transition energy, mitigating the intermittency of renewable energy sources and reducing emissions when used as a substitute for coal in electricity generation.
“We are pleased to strengthen our ties with CNOOC, a key partner for the Company in the world’s largest LNG importing country. This agreement allows us to continue securing long-term sales in Asia and reduce our exposure to spot market gas prices,” says the Senior Vice President, LNG at TotalEnergies Gregory Joffroy.
The French oil giant which has continued to maintain its position as a globally integrated energy company that produces and markets energies like oil and biofuels, natural gas and green gases, renewables and electricity, has more than 100,000 employees worldwide who are committed to providing energy that is more reliable, more affordable and more sustainable to as many people as possible. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.