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CNOOC declares force majeure on LNG contracts

Christian Fernsby |
China's state owned CNOOC has declared force majeure on LNG contracts, a source close to company said today.

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Topics: CNOOC    FORCE MAJEURE    LNG   

The country's largest LNG importer tackles disruptions in downstream markets in the wake of the coronavirus outbreak, S and P Global Platts reported.

Multiple industry sources said force majeure had impacted volumes from Shell, which has a contract with CNOOC for 5 million mt/year, and the Tangguh LNG project.

Shell declined to comment while Tangguh LNG's operator BP and CNOOC could not be immediately reached for comments.

Other suppliers of CNOOC's contracts include Australia's North West Shelf and Queensland Curtis LNG, Malaysia's Bintulu, and Qatargas. Total and Petronas also have portfolio contracts with the buyer. CNOOC has more than 20 million mt/year in FOB and DES sales and purchase agreements.

"Woodside is closely monitoring for potential impacts on the market," said a spokesperson with the Australian producer and operator of the NWS LNG facility today.


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