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October 23, 2018

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Total, CNOOC extend cooperation pact

Total, one of France’s largest energy groups, yesterday said it had extended its long-term cooperation accord with China National Offshore Oil Corp to 2028, targeting an increase in liquefied natural gas’s output.

“Total and CNOOC have signed an amendment to their existing sale and purchase agreement for liquefied natural gas supply to further strengthen their cooperation in the LNG business,” the French oil giant said in a statement.

“The partners have increased the contract volume from 1 million tons per annum to 1.5 Mtpa of LNG ... and have extended the term of contract to 20 years.” Signed in 2008, the business deal initially targeted an annual volume of 1 Mtpa for 15 years.

“We are delighted to strengthen our partnership with CNOOC to expand our presence in the Chinese LNG market, which grew by 50 percent over the first half of 2018 and will continue to drive the increase of LNG demand over the next decade,” said Philippe Sauquet, president of Total’s Gas, Renewables and Power branch.


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