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UPDATE 1-Australia's Tamboran signs deals to supply LNG to BP and Shell

Reuters SG
·1-min read

(Adds details of agreement in paragraph 2, CEO quote in paragraph 3, details on project in paragraph 4 and background in paragraph 5)

June 23 (Reuters) - Australia's Tamboran Resources on Friday announced two non-binding agreements to supply 4.4 million tonnes of liquefied natural gas a year to BP and Shell from its proposed Northern Territory LNG (NTLNG) project.

Under the memorandum of understandings (MOUs) singed with BP Singapore and Shell Eastern Trading, Tamboran will supply 2.2 million tonnes of LNG per annum (MTPA) each over a 20-year period from the NTLNG project.

"Securing these MOUs with BP and Shell is a significant step in progressing the proposed NTLNG development at Middle Arm," Tamboran CEO Joel Riddle said in a statement.

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The company expects a formal execution of the LNG sale and purchase agreements in 2025 and is currently targeting first LNG production from the NTLNG project by 2030.

Tamboran had previously said the NTLNG project represents the first fully integrated onshore LNG development in Northern Australia, where upstream, midstream and downstream production and processing are based in the Northern Territory. (Reporting by Jaskiran Singh in Bengaluru; Editing by Rashmi Aich and Subhranshu Sahu)