Beach and BP Sign Waitsia LNG HOA

Source: www.gulfoilandgas.com 9/27/2021, Location: Not categorized

Beach Energy Pty Limited, a subsidiary of Beach Energy Limited (ASX: BPT) (“Beach”), announced it has entered into a Heads of Agreement (“HOA”) with BP Singapore Pte. Limited, a subsidiary of BP plc (“bp”) regarding the supply of Beach’s share of liquefied natural gas (“LNG”) from Waitsia Gas Project Stage 2.

The HOA contains all material terms and conditions for bp purchasing all 3.75 million tonnes of Beach’s expected LNG volumes from the Waitsia Gas Project Stage 2, with supply forecast to commence in H2 2023.

The annual contract volumes and supply terms are aligned to the provisions in the executed North West Shelf (“NWS”) Gas Processing and Lifting Agreements. The terms include built-in flexibility around the commencement of firm supply to ensure alignment with the completion of construction and commissioning activities.

Supply will be delivered on a Free on Board (“FOB”) basis from the NWS facilities in Karratha, Western Australia., which leverages bp’s leading LNG trading and shipping capability.

bp is an existing participant in the NWS Joint Venture and has a long history of lifting LNG from the NWS facilities.

The agreed LNG price is linked to both Brent and Japan Korea Marker (“JKM”) price indices (with full upside exposure to each) and includes a downside price protection mechanism. This hybrid pricing structure is expected to provide Beach with favourable price movements during North Asia winter periods.

Beach and bp are targeting execution of a fully termed LNG Supply and Purchase Agreement in H2 FY22.

Authorization
This release has been authorized for release by the Beach Energy Board.


Australia >>  11/28/2022 - Woodside Energy has shipped an LNG cargo to Europe on board the Woodside Rees Withers from Australia’s North West Shelf and delivered it to Uniper ...
Mozambique >>  11/23/2022 - The President of Mozambique, Filipe Jacinto Nyusi, visited and inaugurated the Coral-Sul FLNG installation, located in the ultra-deep waters of the Ro...

Russia >>  11/22/2022 - The Gazprom Board of Directors took note of the information about the development prospects of the shale gas and liquefied natural gas (LNG) industrie...
United Kingdom >>  11/22/2022 - Neptune Energy has called on the UK Government to support regulatory changes to the country’s gas entry specifications to deliver more domestic gas to...

United States >>  11/22/2022 - Sempra (SRE) announced that its subsidiary, Sempra Infrastructure, and ConocoPhillips (COP) have executed a 20-year Sale and Purchase Agreement (SPA) ...
China >>  11/21/2022 -  QatarEnergy entered into a 27-year Sale and Purchase Agreement (SPA) with China Petroleum & Chemical Corporation (Sinopec) for the supply of 4 millio...




Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.