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BP PLC - London-based oil major - Agrees to buy the entire output of liquefied natural gas from Woodfibre LNG, a Vancouver-based subsidiary of Pacific Energy Corp Ltd. BP signs a third long-term LNG offtake contract with Woodfibre LNG, which is building an LNG export facility at Woodfibre pulp mill site near Squamish, British Columbia. The new contract is for offtake of 450,000 tonnes of LNG per year for 15 years on a free-on-board basis. This means BP will buy a total of 1.95 million tonnes of LNG per year from Woodfibre, all of the LNG production from the new facility. BP also will provide transportation of gas for processing to the Woodfibre LNG export facility.
BP says it wants to build an LNG portfolio of 30 million tonnes by 2030, as part of its energy transition strategy, and the Canadian west coast supply source with improve its supply position in the Pacific region.
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