MOZAMBIQUE LNG FOR CHINA
PLATTS - US-based Anadarko Petroleum has agreed to sell 1.5 million mt/year of LNG from its planned 12.9 million mt/year Mozambique LNG project to China's CNOOC for a period of 13 years.
The sale and purchase agreement represents a major endorsement of the Mozambique LNG project, whose final investment decision is expected in the first half of this year.
"This agreement adds to our growing list of customers in the Asia-Pacific region, demonstrating the excellent progress we are making toward our stated goal of taking a final investment decision during the first half of this year," Anadarko vice president Mitch Ingram said in a statement.
Ingram added that Anadarko expected to announce further sales agreements "in the near future."
Other future offtakers from Mozambique LNG include a joint agreement with the UK's Centrica and Japan's Tokyo Gas, as well as an offtake deal with France's EDF.
Ingram said the deal gave CNOOC -- China's largest LNG importer -- access to Mozambique LNG's gas resources and would provide China with a "clean source of energy" for years to come.
"Mozambique LNG is pleased to have CNOOC on board as one of our foundation customers," Ingram said.
Speaking earlier this week in Vienna at the European Gas Conference, Andrew Seck, Anadarko vice president for marketing and shipping, said it offered destination-free sales agreements, which would enable buyers to deliver cargoes to the market of their choice.
"That is optionality that didn't exist in the past in long-term agreements," Seck said.
Traditional long-term agreements were for supplies to specific destinations, but with the advent of US LNG supplies the contract model has begun shifting toward more flexible delivery options.
In June last year, Anadarko agreed a delivered ex-ship (DES) co-purchasing deal with Japan's Tokyo Gas and the UK's Centrica for the supply of 2.6 million mt/year from the project.
Mozambique LNG is a planned two-train 12.9 million mt/year project. Seck said the estimated cost of the project was $600/mt "which allows us to be competitive in the market place."
It compares with the estimated $1,000/mt cost of the recently approved LNG Canada project.
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