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  • Woodside to buy LNG from Corpus Christi Liquefaction, LLC
    édité le 01/07/2014 - Plus de news de "Woodside" - Voir la fiche entreprise de "Woodside"


Woodside to buy LNG from Corpus Christi Liquefaction, LLC
Woodside advises that its subsidiary Woodside Energy Trading Singapore Pte Ltd has signed a binding LNG Sale and Purchase Agreement with Cheniere Energy, Inc. subsidiary, Corpus Christi Liquefaction, LLC.

Under the agreement Woodside will purchase approximately 0.85 million tonnes of LNG per annum from the Corpus Christi Liquefaction Project on start up of the second train at the LNG export facility being developed near Corpus Christi, Texas. The Corpus Christi Liquefaction Project is planned to include up to three LNG trains with a combined production capacity of 13.5 million tonnes a year.

LNG will be purchased on a free on board basis. The price payable by Woodside will be 115% of the monthly Henry Hub price plus US$3.50* per million British thermal unit (MMBtu), in line with contracts signed with the other buyers from the Corpus Christi LNG Project.

The twenty-year agreement includes an extension option of up to an additional ten years and a mechanism that gives Woodside the option to forgo deliveries with sufficient notice through the payment of US$3.50*/MMBtu for cancelled quantities. Cargoes to Woodside from Train 2 are expected to start in 2019.

Woodside CEO Peter Coleman said that the agreement with Corpus Christi Liquefaction, LLC complemented Woodside’s existing portfolio by providing a new product source that diversified Woodside’s LNG product offering.

“This agreement is a demonstration of how we are extending and enhancing our marketing and trading capabilities and adding value to the portfolio,” Mr Coleman said.

“From a geographic, pricing and specification perspective we expect this US LNG to be attractive to LNG purchasers, complement our existing LNG portfolio and allow us to exploit new opportunities.”

The agreement is subject to certain conditions precedent, including Corpus Christi Liquefaction receiving regulatory approvals, securing necessary financing arrangements and making a final investment decision to construct the second train of the Corpus Christi Liquefaction Project.

Key Terms

FOB Price (US$/MMBtu): 115% x Henry Hub + Constant*
Delivery Terms: Free on Board; Destination Free**
Term: 20 years with an extension option for an additional 10 years
Deliveries Expected From: Q4 2019
Annual Quantity: 44,120,000 MMBtu (~0.85 MTPA or ~12 cargoes per year)
Cargo Cancellation Cost: Constant* x Cancelled Quantities
Key Conditions Precedent: Non-FTA and FERC Approvals; Financing and FID on Train 2 by Corpus Christi Liquefaction, LLC

*The Constant is US$3.50/MMBtu. 11.5% of the Constant subject to escalation at US CPI
** Destination is subject to US export authorisations


About Woodside

Woodside is Australia’s largest independent oil and gas company, with a proud history of safe and reliable operations spanning decades.
As the largest operator of oil and gas in Australia, Woodside produces around 900,000 barrels of oil equivalent each day from a portfolio of facilities which we operate on behalf of some of the world’s major oil and gas companies.

About Cheniere Energy

Cheniere Energy, Inc. (NYSE MKT: LNG) is a Houston-based energy company primarily engaged in LNG-related businesses, and owns and operates the Sabine Pass LNG terminal and Creole Trail Pipeline in Louisiana. Cheniere is pursuing related business opportunities both upstream and downstream of the Sabine Pass LNG terminal. Through its subsidiary, Cheniere Energy Partners, L.P., Cheniere is developing a liquefaction project at the Sabine Pass LNG terminal adjacent to the existing regasification facilities for up to six LNG trains, each of which will have a design production capacity of approximately 4.5 mtpa ("Sabine Pass Liquefaction Project"). Construction has begun on LNG Trains 1 through 4 at the Sabine Pass Liquefaction Project. Cheniere has also initiated a project to develop liquefaction facilities near Corpus Christi, Texas. The Corpus Christi Liquefaction Project is being designed and permitted for up to three LNG trains, with aggregate design production capacity of up to 13.5 mtpa of LNG and which would include three LNG storage tanks with capacity of 10.1 Bcfe and two LNG carrier docks. Commencement of construction for the Corpus Christi Liquefaction Project is subject, but not limited to, obtaining regulatory approvals, entering into long-term customer contracts sufficient to underpin financing of the project, obtaining financing, and Cheniere making a final investment decision. We believe LNG exports from the Corpus Christi Liquefaction Project could commence as early as 2018.


See the site of Corpus Christi LNG Terminal


Origine : Communiqué Woodside

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