ENN has signed a Heads of Agreement (HOA) with Woodside Energy for the procurement of 1.0 million tonnes of LNG per annum from Woodside's portfolio for a period of 10 years, commencing in 2025.
ENN Group CEO Mr. Zhang Yesheng and Woodside Energy CEO Peter Coleman attended the signing ceremony.
The HOA remains conditional upon the negotiation and execution of a fully termed Sales and Purchase Agreement and obtaining all necessary approvals and a Final Investment Decision on Scarborough.
ENN is one of the largest private clean energy distributors in China, with 187 urban gas projects covering a population of 94.57 million. In 2018,the sales volume of natural gas of ENN reached 23.3 billion cubic meters, accounting for 8% of China’s market share. In the same year, the first large-scale LNG receiving terminal invested and constructed by private enterprises in China – Zhoushan LNG receiving terminal was commissioned and started commercial operation. Meanwhile, based on the rapid development of the downstream market in China, ENN has entered into a number of medium and long term LNG supply agreement with international suppliers, and has formes its trade network initially.
China’s natural gas consumption has been growing rapidly. In 2018, China consumed 280 billion cubic meters of natural gas, and imported 54 million tonnes of LNG, making it the world’s largest natural gas importer and the second largest LNG importer and Australia ranks among the top sources of LNG imports to China.
Woodside Energy is Australia’s largest independent oil and gas company with a global portfolio, recognized for its world-class capabilities as an integrated upstream supplier of Energy and Woodside has delivered over 5000 LNG cargoes to international customers since 1989 from its portfolio, including NWS, Pluto, Wheatstone, etc.
Source: Company Press Release