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Santos inks LNG supply deal and irons out details for new partner at gas field offshore Timor-Leste

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Offshore Energy - September 5, 2024

Melisa Cavcic – Australia's energy giant Santos has signed a new mid-term liquefied natural gas (LNG) supply contract with Glencore Singapore (Glencore) and hammered out a deal for the divestment of a partial stake in an offshore gas project with Timor-Leste's national oil company, TIMOR GAP.

The three-year plus one-quarter LNG supply deal with Glencore, which entails the supply of 19 LNG cargoes or up to approximately 0.5 million tonnes of LNG per annum, will start in Q4 2025 with LNG being supplied from Santos' global portfolio of LNG assets on a delivered ex-ship basis.

While describing the new LNG deal as a great opportunity for both players to leverage their expertise in Asian LNG markets, Kevin Gallagher, Santos' Managing Director and Chief Executive Officer, commented: "This oil-indexed contract along with the recently executed long-term LNG sales and purchase agreement with Hokkaido Gas in Japan demonstrates Santos' strong LNG portfolio position and customer relationships in the region.

"There continues to be extremely strong demand in Asia for high heating value LNG from projects such as Barossa and PNG LNG. Santos is committed to supporting the energy security of our valued customers across Asia."

Source: https://www.offshore-energy.biz/santos-inks-lng-supply-deal-and-irons-out-details-for-new-partner-at-gas-field-offshore-timor-leste

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