Woodside, Chubu Electric sign LNG sales, purchase deal

Jan. 14, 2014
Woodside Petroleum Ltd. has finalized a sales and purchase agreement with Chubu Electric Power of Japan for the supply of 1.5 million tonnes of LNG for 3 years beginning in April.

Woodside Petroleum Ltd. has finalized a sales and purchase agreement with Chubu Electric Power of Japan for the supply of 1.5 million tonnes of LNG for 3 years beginning in April.

The LNG will be sourced mainly from the Pluto gas field project off Western Australia.

The sale goes some way to mitigating the loss of projected sales of about 1 million tpy of LNG when a deal with Japanese investor Mimi to buy Browse LNG production lapsed at yearend 2013.

That deal was predicated on a final investment decision for the Browse project being taken by Dec. 31, 2013.