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French oil giant TotalEnergies signed a sale and purchase agreement (SPA) with Sembcorp Fuels, a wholly owned subsidiary of Singapore-based Sembcorp Industries, the company announced on Thursday.
The deal entails the delivery of up to 0.8 million tons of liquefied natural gas (LNG) per annum (mtpa) for 16 years, commencing in 2027, TotalEnergies said in a statement.
The new deal adds to the company’s current SPA, which runs until 2029, with LNG sourced from the company’s global portfolio.
TotalEnergies is the world’s third-largest LNG player, with a market share of around 12% and a global portfolio of about 50 mtpa, according to the statement.
The energy giant aims to increase its LNG production and long-term purchases by 50% by 2030.
