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Cheniere, Tourmaline Sign Gas Agreement

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Cheniere Energy subsidiary, Corpus Christi Liquefaction Stage III, has entered into a long-term gas supply agreement with Tourmaline Oil Marketing, a subsidiary of largest natural gas producer in Canada, Tourmaline Oil.

Under the agreement, Tourmaline will sell 140,000 mmbtu per day of natural gas to Corpus Christi Stage III for a term of 15 years beginning in early 2023.

The LNG associated with this gas supply, approximately 0.85 mtpa, will be marketed by Cheniere. Cheniere will pay Tourmaline an LNG-linked price for its gas, based on the Platts Japan Korea Marker, after deductions for fixed LNG shipping costs and a fixed liquefaction fee.

Tourmaline Oil is acting as guarantor of the GSA on behalf of Tourmaline. This integrated production marketing transaction is expected to support the development of the Corpus Christi Stage III project.

“This latest IPM agreement with Canada’s largest natural gas producer demonstrates the breadth of Cheniere’s natural gas resource supply and the range of our commercial options,” said Jack Fusco, Cheniere’s president and CEO. “This commercial agreement is expected to support our shovel-ready Corpus Christi Stage III project while enabling Canadian natural gas to reach international LNG markets. Additionally, it reinforces Cheniere’s track record of creating collaborative, innovative solutions to meet customers’ needs and supports Cheniere’s growth.”

The Corpus Christi Stage III project is being developed to include up to seven midscale liquefaction trains with a total expected nominal production capacity of approximately 10 mtpa. It has received all necessary regulatory approvals.

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