Woodside Energy has signed an LNG supply agreement with China Resources Gas International Limited, one of the giants of the Chinese energy sector. This long-term agreement will secure the supply of approximately 0.6 million tonnes of LNG per year for the next 15 years, commencing in 2027. This is the fourth such agreement signed by Woodside in Asia so far in 2024, consolidating its position as a key LNG supplier in the region.
Boosting energy supply in Asia
The agreement is particularly significant because it marks the first time Woodside has signed an LNG supply contract with a Chinese customer. China, Asia’s largest LNG consumer, has shown growing interest in securing reliable and sustainable energy sources, as evidenced by this agreement with Woodside.
The relationship with China Resources Gas, one of the country’s most prominent gas companies, opens a new chapter for both parties, with the possibility of future global collaborations.
Outlook for the LNG supply agreement
Woodside Executive Vice President and Chief Commercial Officer Mark Abbotsford noted that this agreement reflects the growing demand for LNG in the Asia-Pacific region, where nations are taking steps to secure their energy supplies.
The signing of this agreement once again demonstrates the strategic importance of Asian markets for LNG.
Abbotsford commented.
For his part, Yang Ping, chairman of China Resources Gas Group, expressed his satisfaction with the partnership, emphasizing that the contract lays the foundation for future cooperation between the two companies globally. This 15-year agreement is a testament to the stability and potential of the market and underscores the fundamental role of companies like Woodside in the region’s energy future.
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Source: Woodside
Photo: Shutterstock
