PNG LNG signs mid-term sales agreement with BP: Oil Search Limited’s (ASX: OSH) stock rose 0.495% on August 17, 2018 after the company’s PNG LNG Project co-venturers signed a mid-term LNG sale and purchase agreement (SPA) with BP Singapore Pte. Limited for supplying LNG, commencing in August 2018. As per the mid-term SPA, LNG will be provided to BP of approximately 0.45 million tonnes of LNG per annum over the initial three-year period, and will then rise to approximately 0.9 million tonnes of LNG per annum over the subsequent two-year period.
OSH holds a 29% in the ExxonMobil-operated PNG LNG project and the adjacent P’nyang field in Papua New Guinea. Further, the agreement has increased the customer base for LNG from PNG LNG. With this contract, the total contracted volume from the Project has risen to approximately 7.5 MTPA, along with the mid-term sale to PetroChina, and 6.6 MTPA committed under long-term contracts to JERA, Osaka Gas, Sinopec and CPC. Moreover, ExxonMobil, on behalf of the PNG LNG Project participants, is having negotiations with several other parties for the final mid-term tranche of up to 0.45 MTPA. There is an expectation of an agreement to be concluded in the near-term and will lead to increase in total sales under new mid-term agreements to 1.3 MTPA. Meanwhile, OSH stock has risen 6.35% in three months as on August 16, 2018.
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