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Santos today announced that the PNG LNG Project participants have finalised a binding Sale and Purchase Agreement (SPA) with CPC Corporation of Taiwan for the long-term sale and purchase of liquefied natural gas (LNG) totaling approximately 1.2 million tonnes per annum.

Under the agreement, the PNG LNG Project will supply LNG to CPC Corporation for a period of 20 years.

With the finalisation of this SPA, all of the PNG LNG Project’s production capacity has been committed on a long-term basis. Finalisation of the financing arrangements with lenders is expected later this month.

A copy of the PNG LNG Project operator’s news release is attached to this release.

About PNG LNG

The PNG LNG Project is an integrated development that includes gas production and processing facilities, onshore and offshore pipelines and LNG plant facilities with a capacity of 6.6 million tonnes per annum. Santos has a 13.5% interest in PNG LNG. Other participants are entities of ExxonMobil (33.2% and operator), Oil Search (29%), Independent Public Business Corporation (PNG Government, 16.6%), Nippon Oil Exploration (4.7%), Mineral Resources Development Company (PNG landowners, 2.8%) and Petromin PNG Holdings Limited (0.2%).