UK-headed gas explorer and producer BG Group has signed a 20-year deal to buy 33.5million tonnes of gas from US firm Sabine Pass Liquefaction, a subsidiary of Cheniere Energy.
The deal is the first long-term liquefied natural gas (LNG) purchase agreement from a project on the US Gulf Coast. Gas exports from the soon to be built LNG terminal in Louisiana could begin as early as 2015.
Sir Frank Chapman, BG Group’s chief executive said: “This is a ground-breaking agreement, giving us first-mover advantage in securing LNG export volumes from the US Gulf Coast. It secures us early access to the rapidly emerging commercial opportunities driven by the recent material increases in US gas reserves.”