GALP celebrates major deal for liquified natural gas from Texas
Image: NextDecade

GALP celebrates major deal for liquified natural gas from Texas

Agreement involves one million tonnes of LNG per year for 20 years

Galp and US company NextDecade have signed an agreement to buy North-American liquefied natural gas (LNG), which will result in the delivery, from 2027 onwards, of one million tonnes per year for 20 years, it has been announced today.

In a statement sent to the Portuguese Securities and Exchange Commission (CMVM), Galp considers that “this agreement improves Galp’s access to LNG volumes from the US, complementing US LNG producer Venture Global’s supplies, which should start during 2023.”

“Galp also adds flexibility, geographical diversity and competitiveness to its supply portfolio,” the company stressed – making no reference to the difficulties in supplies coming through as a result of compromised ‘long-term’ contracts with Nigeria.

This new deal involves LNG from South Texas and Next Decade subsidiaries Rio Grande LNG and Next Carbon Solutions.

Says LNGprime online: “Besides this contract with Galp, NextDecade signed several LNG supply deals this year, including with compatriot ExxonMobil, China’s Guangdong Energy, China Gas, ENN, and France’s Engie”.

natasha.donn@portugalresident.com