Commonwealth LNG signs 20-year SPA with Asian buyer
Commonwealth LNG has signed a sale and purchase agreement (SPA) with a major Asian energy company. Under the agreement, the buyer will purchase 1 million tpy of LNG for 20 years from Commonwealth’s 9.5 million tpy facility currently under development in Cameron, Louisiana.
“This offtake agreement marks another important milestone for Commonwealth as we work toward a final investment later this year and first offtake planned for 2029,” said Ben Dell, Managing Partner of Kimmeridge and Chairman of Commonwealth. “We look forward to working with this buyer, a longstanding leader in LNG, as we further our integrated wellhead-to-water strategy in delivering LNG to critical markets around the world.”
Commonwealth’s phase 1 development is expected to bring an investment of more than US$11 billion to Louisiana and generate an estimated US$3.5 billion in annual export revenue. The project is expected to employ approximately 2000 workers at the peak of construction and provide approximately 275 high-paying jobs when the facility begins operations in late 2029.
This buyer is one of the world’s leading energy corporations, operating comprehensively across the oil and gas value chain from upstream to downstream. In the LNG sector, this buyer is currently one of the largest global suppliers of LNG.
“We look forward to building and strengthening our partnership with this Buyer in mutually beneficial ways as we progress on our journey,” added Commonwealth President and CEO, Farhad Ahrabi. “We’re committed to building and creating a safe, reliable, efficient, and well-governed LNG operating company.”
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/06052025/commonwealth-lng-signs-20-year-spa-with-asian-buyer/
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