Tamboran Resources has signed two non-binding Memorandums of Understanding (MOUs) with BP Singapore Pte. Limited, a BP plc subsidiary, and Shell Eastern Trading (Pte) Ltd., a Shell plc subsidiary, about the possible acquisition of liquefied natural gas (LNG) from Tamboran’s proposed NTLNG project at Middle Arm.
The two MOUs call for bp and Shell to acquire up to 2.2 million tonnes of LNG per annum (MTPA) over a 20-year period.
According to Tamboran, its Beetaloo Basin gas assets have the potential to supply gas assets, subject to the completion of the Concept Select studies, successful Beetaloo appraisal drilling, and Government permits.
Tamboran will advance discussions with both bp and Shell before completing the FEED in 2024 to formalise the LNG Sale and Purchase Agreements (SPA) in 2025.
Tamboran Managing Director and Chief Executive Officer Joel Riddle said securing these MOUs with bp and Shell is a big step forward in the anticipated NTLNG development at Middle Arm.
“bp and Shell are two of the world’s largest LNG portfolio trading and energy companies and provide important and credible counterparties for Tamboran to progress financing discussions to support the sanctioning of the NTLNG project, capable of producing up to 6.6 MTPA,” Riddle stated.
“We look forward to progressing our agreements with both parties, who have both shown significant support to Tamboran through the accelerated discussions, which further emphasise the importance of LNG demand growth in the Asia-Pacific region,” Riddle added.
