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Summary

Santos advises that the PNG LNG Project co-venturers have entered into a mid-term LNG sale and purchase agreement with BP Singapore Pte. Limited

Santos advises that the PNG LNG Project co-venturers have entered into a mid-term LNG sale and purchase agreement (SPA) with BP Singapore Pte. Limited (BPS), for the supply of LNG commencing in August 2018.

The mid-term SPA is for supply of approximately 0.45 million tonnes of liquefied natural gas (LNG) per annum (mtpa) for the first three contract years rising to approximately 0.9 mtpa in the final two contract years.

This SPA takes the total contracted volumes from the Project to 7.5 mtpa, with 7.0 million tonnes of PNG LNG’s annual output already committed under long-term contracts to JERA, Osaka Gas, Sinopec and CPC and the recently announced mid-term sale to PetroChina.

ExxonMobil, on behalf of the PNG LNG Project participants, is negotiating with a number of other parties for potential mid-term LNG supply agreements in lieu of spot sales. These agreements are expected to be concluded in the near-term and increase sales under new mid-term agreements to 1.3 mtpa.

Santos has a 13.5% interest in PNG LNG.