TotalEnergies has entered into a sales and purchase agreement (SPA) with Ksi Lisims LNG to purchase two million tonnes per annum (mtpa) of liquefied natural gas (LNG) for 20 years.
This agreement is contingent upon the final investment decision (FID) for the Ksi Lisims LNG project’s future liquefaction plant.
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Concurrently, TotalEnergies has acquired a 5% stake in Western LNG, the developer, shareholder and future operator of the Ksi Lisims LNG project.
This move provides TotalEnergies with the option to raise its investment in Western LNG and/or acquire a direct interest in the plant of up to approximately 10% upon the FID.
Situated on the Pacific coast of Canada in British Columbia, the Ksi Lisims LNG project has a capacity of 12mtpa. The plant is in a prime location for accessing Asia, the world’s largest LNG market.
Notably, the facility will be fully electrified and powered by hydroelectricity, positioning it as one of the world’s lowest CO₂-emitting LNG projects.
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By GlobalDataTotalEnergies president of gas, renewables & power Stéphane Michel said: “This purchase of LNG from the future Ksi Lisims LNG plant will allow us to diversify our LNG portfolio in North America and benefit from competitive LNG supply in Western Canada to better serve our Asian customers, with whom we are developing a significant portfolio of long-term supply contracts.
“As part of our integrated strategy, we are also pleased to partner with Western LNG to support the development of this very low CO₂ emission liquefaction plant project.”
In a related development, TotalEnergies, in partnership with OQEP, has commenced construction of the Marsa LNG plant in Sohar, Oman. This milestone comes one year after the project’s FID.
