In line with its strategy to grow its long-term liquefied natural gas (LNG) sales, TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) announces a 5-year extension of its sales and purchase agreement (SPA) with CNOOC, for the delivery of 1.25 million tons of LNG per year to China until 2034.

Thanks to this agreement, TotalEnergies strengthens its long-term positions in the growing Chinese market. In China, natural gas serves as a crucial transition energy, mitigating the intermittency of renewable energy sources and reducing emissions when used as a substitute for coal in electricity generation.

“We are pleased to strengthen our ties with CNOOC, a key partner for the Company in the world’s largest LNG importing country. This agreement allows us to continue securing long-term sales in Asia and reduce our exposure to spot market gas prices,” said Gregory Joffroy, Senior Vice President, LNG at TotalEnergies.
Source: TotalEnergies