Chesapeake stated that the new volumes represent 500,000 tonnes per annum (tpa) of the up to two million tonnes per annum (mtpa) agreement with Gunvor. Credit: rafapress/Shutterstock.

Chesapeake Energy has entered into a LNG export deal with Delfin LNG and Gunvor Group, through Gunvor Singapore.  

The agreement includes executed sales and purchase agreements (SPAs) for long-term liquefaction offtake. 

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Under the SPAs, Chesapeake will purchase approximately 500,000tpa of LNG from Delfin LNG at a Henry Hub price, with a contract targeted start date in 2028.  

This LNG will be delivered to Gunvor on a free-on-board basis, with the sales price linked to the Japan Korea Marker for a period of 20 years. 

Chesapeake stated that these volumes will represent 500,000tpa of the up to 2mtpa heads of agreement signed in March 2023 with Gunvor.  

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Chesapeake president and CEO Nick Dell’Osso said: “Today’s announcement cements an important step on our path to ‘Be LNG Ready’ and is further recognition of the depth of our portfolio and strength of our financial position.  

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“We are pleased to formalise our agreement, which provides diversification and access to global LNG pricing while enabling the delivery of affordable, reliable, lower carbon energy to markets in need.” 

Delfin CEO Dudley Poston said: “We are excited to partner with a premier company like Chesapeake. We believe our unique liquefaction solution provides Chesapeake with commercial flexibility with a reduced environmental footprint, while providing a much-needed source of additional supply to key US allies and the global LNG market.” 

In November 2023, Chesapeake signed a 15-year supply deal to supply up to 1mtpa LNG to Vitol from 2028.  

Last month, Chesapeake announced a merger with Southwestern Energy in an all-stock deal valued at $7.4bn.  

The new company will have a production rate of approximately 7.9 billion cubic feet equivalent per day, with more than 5,000 gross locations and a 15-year inventory.