News and Articles

• Petronas signs long-term deal to supply CNOOC with one million tonnes of LNG per year.
• The agreement supports China’s economic growth and clean energy objectives, including carbon neutrality goals.
• Petronas continues to supply LNG to meet Asia's growing demand for low-carbon fuels.
• Petronas and partners began exports from LNG Canada, targeting the Asian market.
• Petronas ships first LNG production share from LNG Canada to Japan in July.
• MidOcean Energy acquires 20 percent stake in Petronas’ LNG Canada subsidiary and upstream assets.

Petroliam Nasional Bhd (Petronas) announced on Wednesday that it has signed an agreement to supply China National Offshore Oil Corp (CNOOC) with one million tonnes of liquefied natural gas (LNG) per annum. While the state-owned Malaysian company did not specify the exact duration of this "long-term commitment," it emphasized the deal’s importance in enhancing cooperation between the two companies in LNG supply. The agreement is seen as an effort to support China’s economic growth and its clean energy goals, particularly its "Dual Carbon" targets of peaking emissions before 2030 and achieving carbon neutrality by 2060.

In a statement, Petronas highlighted its commitment to meeting the rising demand for lower-carbon fuels in Asia. The company expressed its intention to continue delivering LNG from its well-established portfolio to cater to the evolving energy needs across the region. This agreement follows earlier developments where Petronas and its partners began exports from LNG Canada, with the Asian market as a primary target.

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In July, Petronas announced that it had shipped its first production share from the LNG Canada project in British Columbia to Japan. As per a July statement by LNG Canada Development Inc., each joint venture participant is responsible for marketing their respective net volumes. Petronas described LNG Canada as a vital part of its global LNG strategy, aiming to diversify its supply portfolio and increase flexibility in the market. Located strategically on Canada’s west coast, the LNG Canada project provides a direct and efficient shipping corridor to key North Asian markets such as Japan, South Korea, and China.

LNG Canada, majority-owned by Shell PLC with a 40 percent stake and hosted by the Haisla Nation, has a declared capacity of 14 million tonnes per year. Previously, Petronas held a 25 percent share in LNG Canada. However, on December 17, MidOcean Energy announced the completion of its acquisition of a 20 percent stake in both the Petronas subsidiary involved in LNG Canada and Petronas' upstream assets in Canada.

• Petronas Expands LNG Portfolio with Deal to Support China’s Emission Targets
• Petronas Commits to Long-Term LNG Supply to China Amid Rising Demand