Australian oil and gas group Woodside Petroleum will supply more LNG to RWE under a new deal signed with the utility, the German company said Dec. 20.
Under the deal, the second with Woodside, deliveries will run from fourth-quarter 2020 to December 2022 and will be sold under the Free on Board (FoB) formula, meaning the seller pays for loading and the buyer pays other costs, RWE said.
Woodside agreed last year to deliver up to 12 cargoes of LNG between April 2018 and March 2020 to the German utility.
The primary source of LNG for the new agreement will be from volumes Woodside contracted from the Corpus Christi LNG Project in Texas, RWE said, without disclosing the size of the volumes.
Andree Stracke, RWE’s chief commercial officer for supply and trading, said the deal “represents another key building block in the further development of RWE’s flexible LNG portfolio.”
German utilities, gas suppliers and logistics companies are looking at reviving years-old plans to build an LNG import terminal as part of a bid to diversify away from pipeline gas arriving from Russia, Norway and the Netherlands.
Recommended Reading
White House Open to Ending LNG Export Pause in Push for Ukraine Aid, Sources Say
2024-04-02 - Reversing the pause could be tolerable to the White House in order to advance Ukraine aid, in part because the pause has no bearing on near-term LNG exports, the White House sources said.
What's Affecting Oil Prices This Week? (March 4, 2024)
2024-03-04 - For the upcoming week, Stratas Advisors expect the price of Brent will move sideways and will struggle to break through $85.
US Expected to Supply 30% of LNG Demand by 2030
2024-02-23 - Shell expects the U.S. to meet around 30% of total global LNG demand by 2030, although reliance on four key basins could create midstream constraints, the energy giant revealed in its “Shell LNG Outlook 2024.”
Liberty Energy CEO: NatGas is Here to Stay as Energy Transition Lags
2024-03-27 - The energy transition hasn’t really begun given record levels of global demand for oil, natural gas and coal, Liberty Energy Chairman and CEO Chris Wright said during the DUG GAS+ Conference and Expo.
Exclusive: Renewables Won't Promise Affordable Security without NatGas
2024-03-25 - Greg Ebel, president and CEO of midstream company Enbridge, says renewables needs backing from natural gas to create a "nice foundation" for affordable and sustainable industrial growth, in this Hart Energy Exclusive interview.