Sydney — China’s state-owned PetroChina International has signed a three-year agreement for the purchase of 0.45 million mt/year of LNG from the ExxonMobil-operated Papua New Guinea LNG project, expected to begin in the coming days, Santos and Oil Search said in filings to the Australian Stock Exchange on Friday. Receive daily email alerts, subscriber notes & personalize your experience. Register Now China’s increased procurement of LNG supplies on the back of higher demand has helped soak up new and existing production capacity, supporting prices in the region. The Platts JKM for cargoes to be delivered in September was assessed at $9.279/MMBtu on Thursday. “We are delighted to have entered into a SPA [sale and purchase agreement] with PetroChina, which has been an active buyer of spot LNG cargoes from PNG LNG. The first sale under the new agreement is expected to take place this week,” Oil Search’s Managing Director […]