Woodfibre LNG signs second sales agreement with BP Gas Marketing Limited

SQUAMISH,
BRITISH COLUMBIA, CANADA – Media OutReach – 7 May
2021 – Woodfibre LNG has taken another step toward shipping some of the world’s
cleanest LNG to Asian markets, where it can offset coal and displace millions
of tonnes of greenhouse gas every year.

Pacific
Oil & Gas Limited’s (PO&G) wholly-owned subsidiary, Woodfibre
LNG, has signed a second LNG Sales and Purchase Agreement (SPA) with BP
Gas Marketing Limited (BPGM), a wholly-owned indirect subsidiary of BP
Plc, for the delivery of liquefied natural gas (LNG) from PO&G’s
Woodfibre LNG export facility near Squamish, British Columbia. Under the terms
of the SPA, BPGM will receive 0.75 million tonnes per annum (MTPA) of LNG over
15 years on a free on board (FOB) basis. This latest SPA will increase BPGM’s
total LNG off-take to 1.5 MTPA, over 70 per cent of Woodfibre LNG’s future annual
production.

“Forward-looking
companies like BP are turning to projects like ours for sustainable, stable gas
that will supply a clean energy mix,” said Ratnesh Bedi, PO&G President. “We
look forward to working with BPGM to deliver Canadian natural gas from one of
the lowest carbon footprint LNG facilities in the world, and help advance the
climate goals of growing economies as they phase away from coal, lower their
emissions, and meet net-zero targets.”   Pacific
Oil & Gas is a member of the Singapore-based RGE group of companies. Founded
by Sukanto Tanoto, RGE manages a group of resource-based manufacturing
companies with global operations.

“The
use of renewable energy for e-drive power places Woodfibre – and Squamish – at
the forefront of the world’s clean energy transition,” said Ron Bailey,
president of Woodfibre LNG.