Long-term LNG Sales in China: TotalEnergies Will Supply 1.25 Million Tons Per Year to CNOOC until 2034
TotalEnergies has extended its LNG supply agreement with CNOOC for an additional 5 years, committing to deliver 1.25 million tons of LNG per year to China until 2034. This extension strengthens TotalEnergies' position in the growing Chinese market, where natural gas plays a important role in the energy transition. The agreement allows TotalEnergies to secure long-term sales in Asia and reduce exposure to spot market gas prices.
As the world's third-largest LNG player, TotalEnergies boasts a global portfolio of 44 Mt/y in 2023. The company aims to increase natural gas's share in its sales mix to nearly 50% by 2030, focusing on reducing carbon emissions and eliminating methane emissions in the gas value chain.
TotalEnergies ha esteso il suo accordo di fornitura di GNL con CNOOC per ulteriori 5 anni, impegnandosi a consegnare 1,25 milioni di tonnellate di GNL all'anno in Cina fino al 2034. Questa estensione rafforza la posizione di TotalEnergies nel crescente mercato cinese, dove il gas naturale gioca un ruolo importante nella transizione energetica. L'accordo consente a TotalEnergies di garantire vendite a lungo termine in Asia e ridurre l'esposizione ai prezzi del gas nel mercato spot.
Come il terzo maggiore operatore di GNL al mondo, TotalEnergies vanta un portafoglio globale di 44 Mt/anno nel 2023. L'azienda punta ad aumentare la quota di gas naturale nel suo mix di vendite a quasi 50% entro il 2030, concentrandosi sulla riduzione delle emissioni di carbonio e sull'eliminazione delle emissioni di metano nella catena del valore del gas.
TotalEnergies ha ampliado su contrato de suministro de GNL con CNOOC por 5 años más, comprometiéndose a entregar 1,25 millones de toneladas de GNL al año a China hasta 2034. Esta extensión refuerza la posición de TotalEnergies en el creciente mercado chino, donde el gas natural juega un papel importante en la transición energética. El acuerdo permite a TotalEnergies asegurar ventas a largo plazo en Asia y reducir la exposición a los precios del gas en el mercado spot.
Como el tercer mayor jugador de GNL del mundo, TotalEnergies cuenta con una cartera global de 44 Mt/año en 2023. La empresa tiene como objetivo aumentar la participación del gas natural en su mezcla de ventas a casi 50% para 2030, enfocándose en reducir las emisiones de carbono y eliminar las emisiones de metano en la cadena de valor del gas.
토탈에너지스(TotalEnergies)는 CNOC와의 액화천연가스(LNG) 공급 계약을 추가로 5년 연장하며, 2034년까지 중국에 연간 125만 톤의 LNG를 공급하기로 약속했습니다. 이번 연장은 천연가스가 에너지 전환에 중요한 역할을 하는 성장 중인 중국 시장에서 토탈에너지스의 입지를 강화합니다. 이 계약은 토탈에너지스가 아시아에서 장기 판매를 확보하고 스팟 시장의 가스 가격에 대한 노출을 줄일 수 있도록 합니다.
세계에서 세 번째로 큰 LNG 업체인 토탈에너지스는 2023년 기준으로 전 세계 4400만 톤의 포트폴리오를 자랑합니다. 이 회사는 2030년까지 판매 믹스에서 천연가스의 비중을 거의 50%로 늘리는 목표를 가지고 있으며, 탄소 배출을 줄이고 가스 가치 사슬에서 메탄 배출을 없애는 데 집중하고 있습니다.
TotalEnergies a prolongé son contrat de fourniture de GNL avec CNOOC de 5 ans supplémentaires, s'engageant à livrer 1,25 million de tonnes de GNL par an en Chine jusqu'en 2034. Cette prolongation renforce la position de TotalEnergies sur le marché chinois en pleine croissance, où le gaz naturel joue un rôle important dans la transition énergétique. Cet accord permet à TotalEnergies de sécuriser des ventes à long terme en Asie et de réduire son exposition aux prix du gaz sur le marché spot.
En tant que troisième acteur mondial du GNL, TotalEnergies dispose d'un portefeuille mondial de 44 Mt/an en 2023. L'entreprise vise à augmenter la part du gaz naturel dans son mix de ventes à près de 50% d'ici 2030, en se concentrant sur la réduction des émissions de carbone et l'élimination des émissions de méthane dans la chaîne de valeur du gaz.
TotalEnergies hat seinen LNG-Liefervertrag mit CNOOC um weitere 5 Jahre verlängert und verpflichtet sich, bis 2034 jährlich 1,25 Millionen Tonnen LNG nach China zu liefern. Diese Verlängerung stärkt die Position von TotalEnergies auf dem wachsenden chinesischen Markt, wo Erdgas eine wichtige Rolle in der Energiewende spielt. Der Vertrag ermöglicht es TotalEnergies, langfristige Verkäufe in Asien zu sichern und die Abhängigkeit von Spotmarkt-Gaspreisen zu verringern.
Als drittgrößter LNG-Anbieter der Welt verfügt TotalEnergies über ein globales Portfolio von 44 Mt/Jahr im Jahr 2023. Das Unternehmen beabsichtigt, den Anteil des Erdgas in seinem Verkaufsportfolio bis 2030 auf nahezu 50% zu steigern und sich auf die Reduzierung von Kohlenstoffemissionen sowie die Eliminierung von Methanemissionen in der Erdgaskette zu konzentrieren.
- Extended LNG supply agreement with CNOOC for 5 years until 2034
- Strengthened position in the growing Chinese LNG market
- Reduced exposure to spot market gas prices
- Global LNG portfolio of 44 Mt/y in 2023
- Aim to increase natural gas share in sales mix to 50% by 2030
- None.
Insights
This agreement marks a significant development in the global LNG market. TotalEnergies' extension of its SPA with CNOOC for 1.25 million tons of LNG annually until 2034 solidifies its position in the world's largest LNG importing country. This long-term commitment provides stability in revenue streams and reduces exposure to volatile spot market prices, which is important in the current uncertain energy landscape.
The deal aligns with China's energy transition strategy, where natural gas plays a vital role in balancing renewable intermittency and reducing coal dependence. For TotalEnergies, this agreement supports its goal to increase natural gas share in its sales mix to nearly 50% by 2030. This strategic move not only strengthens TotalEnergies' market position but also contributes to its broader objectives of reducing carbon emissions and eliminating methane emissions in the gas value chain.
This extended agreement significantly enhances TotalEnergies' financial outlook. By securing a long-term LNG supply contract with CNOOC until 2034, the company ensures a stable revenue stream in the rapidly growing Chinese market. This move effectively hedges against spot market volatility, providing more predictable cash flows and potentially improving investor confidence.
As the world's third-largest LNG player with a global portfolio of 44 Mt/y, TotalEnergies is well-positioned to capitalize on the increasing global demand for cleaner energy sources. The company's integrated position across the LNG value chain, from production to trading and bunkering, creates multiple revenue streams and operational synergies. This diversification strategy, coupled with long-term contracts like the CNOOC deal, should contribute to steady earnings growth and potentially lead to improved shareholder returns in the long run.
This agreement has significant implications for global climate goals. While natural gas is often touted as a 'transition fuel', its long-term use raises questions about meeting Paris Agreement targets. The extension of this LNG contract until 2034 could lock in fossil fuel infrastructure for over a decade, potentially slowing the transition to renewables.
However, TotalEnergies' commitment to eliminating methane emissions in the gas value chain is a positive step. Methane is a potent greenhouse gas and addressing these emissions is crucial. The company's strategy to use gas as a substitute for coal in electricity generation could lead to short-term emissions reductions in China. Yet, the long-term environmental impact will depend on how quickly renewable energy can be scaled up to replace both coal and gas. This deal highlights the complex balance between immediate emissions reductions and long-term climate goals.
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
Thanks to this agreement, TotalEnergies strengthens its long-term positions in the growing Chinese market. In
“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
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TotalEnergies, the world’s third largest LNG player
TotalEnergies is the world’s third largest LNG player with a global portfolio of 44 Mt/y in 2023 thanks to its interests in liquefaction plants in all geographies. The Company benefits from an integrated position across the LNG value chain, including production, transportation, access to more than 20 Mt/y of regasification capacity in
About TotalEnergies
TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.
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FAQ
What is the duration of TotalEnergies' (TTE) extended LNG supply agreement with CNOOC?
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