TotalEnergies Extends LNG Deal With CNOOC

Lekha Gupta

September 19, 2024

TotalEnergies SE (NYSE:TTE) extended its sales and purchase agreement (SPA) with CNOOC by an additional five years.

Under the agreement, the company will continue delivering 1.25 million tons of liquified natural gas (LNG) annually to China, now extending the contract until 2034.

Gregory Joffroy, Senior Vice President, LNG at TotalEnergies said, “We are pleased to strengthen our ties with CNOOC, a key partner for the Company in the world’s largest LNG importing country. This agreement allows us to continue securing long-term sales in Asia and reduce our exposure to spot market gas prices.”

On Wednesday, TotalEnergies inked a 10-year deal with BOTAÅž for 1.1 million tons of LNG annually, starting in 2027. The agreement secures long-term sales in TÃ¼rkiye and reduces exposure to spot gas price fluctuations.

Apart from this, the company formed a 50/50 joint venture with Adani Green for a 1,150 MW solar project in Gujarat, India. TotalEnergies will invest $444 million, boosting its renewable energy strategy.

Investors can gain exposure to the stock via Advisor Managed Portfolios Miller Value Partners Appreciation ETF (NYSE:MVPA) and Octane All-Cap Value Energy ETF (NASDAQ:OCTA).

Price Action: TTE shares are up 2.65% at $69.84 premarket at the last check Thursday.

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