BP Signs LNG Supply Deal with KOGAS

Reuters reports that BP has signed a 15-year LNG supply deal with South Korea’s state-run natural gas company, Korea Gas Corporation (“KOGAS”). The deal could be extended for three years at BP’s option and is estimated to be worth up to $9.61 billion if extended to 18 years. Under the deal, BP will supply 1.58 million tons of LNG per annum beginning in 2025. BP will supply the LNG either from the Freeport LNG terminal located in Texas or the proposed Venture Global LNG Calcasieu Pass terminal in Louisiana.


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