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Report: BP to provide US LNG supply to Korea Gas in deal worth up to $9.6B

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Report: BP to provide US LNG supply to Korea Gas in deal worth up to $9.6B

BP PLC agreed to supply 1.58 million tonnes per annum of liquefied natural gas from the U.S. to Korea Gas Corp. under a 15-year contract, The Korea Herald reported, citing a statement from Korea's minister of trade, industry and energy.

BP will supply the LNG starting in 2025 and has the option to extend the contract by another three years, the report said. If BP decides to extend, the purchase price could reach up to $9.6 billion, Minister of Trade, Industry and Energy Sung Yun-Mo said in the report.

The LNG would come from Freeport LNG Development LP's export terminal in Texas or Venture Global LNG's planned Calcasieu Pass LNG export project in Louisiana, according to the report.

The first of four liquefaction trains at Freeport LNG shipped its first cargo on Sept. 3. The fourth train is scheduled to start operations in 2023, bringing the total export capacity of the facility to over 20 mtpa. Venture Global in August made a final investment decision to build the Calcasieu Pass project, which would be capable of producing 10 mtpa of LNG.