ARC Resources to supply Exxon Mobil with LNG
March 11 (Reuters) - ARC Resources (ARX.TO), opens new tab said on Tuesday it had entered into a long-term liquefied natural gas supply agreement with a unit of Exxon Mobil (XOM.N), opens new tab.
Global LNG demand has risen in recent years amid a shift toward cleaner energy, with the U.S. emerging as a major supplier to both Europe and Asia.
ExxonMobil LNG Asia Pacific will purchase all of ARC's LNG offtake from the Cedar LNG project, representing about 1.5 million tonnes per annum (mtpa), at international LNG pricing, ARC said.
The Cedar LNG project, a partnership between the Haisla Nation and Pembina Pipeline (PPL.TO), opens new tab located on Canada's West Coast, is expected to commence commercial operations later in 2028 and will have a capacity of 3.3 million tonnes per annum (mtpa).
Last year, oil and gas transportation firm Pembina Pipeline said it, along with Haisla Nation, has decided to go ahead with the construction of the $4 billion project.
In 2023, ARC signed a 20-year agreement to supply and liquefy natural gas with Cedar LNG. It planned to supply about 200 million cubic feet per day (MMcfpd) of natural gas with the project, resulting in the equivalent of 1.5 mtpa of LNG.
"This agreement provides ExxonMobil with advantaged access to Asian LNG markets by establishing ExxonMobil's first long-term offtake position on Canada's Pacific Coast," said Andrew Barry, vice president of global LNG marketing, ExxonMobil Asia Pacific Pte Ltd.
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