Global Oil & Gas: Galp Energia enters 20-year LNG purchase and sales agreement with U.S.’s Venture Global

Photo - see captionU.S. purchases are expected to start in 2022. Galp is set to acquire one million tons of LNG per year. Agreement secures balanced and competitive sourcing for Galp’s international natural gas activities.

Galp has agreed with Venture Global LNG to the sale and purchase of one million tonnes per annum (MTPA) of liquefied natural gas (LNG) for a 20-year period from the Calcasieu Pass LNG export facility in Cameron Parish, Louisiana.

The agreement is subject to the Final Investment Decision by Venture Global LNG for the construction of the facility, which is currently under development and expected to start in 2022. The agreement is also subject to the satisfaction of customary conditions precedent, including the approval of the relevant competent authorities, such as the issuance of export authorizations and the Federal Energy Regulatory Commission (FERC) order.

This agreement fits Galp’s global strategy by securing a balanced and competitive long-term sourcing for its international natural gas activities, contributing to the development of efficient and environmentally sustainable energy solutions. Source: Galp

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