CNOOC Signs Long-Term Supply Deals With U.S. LNG Supplier

(Bloomberg) — Venture Global LNG Inc. signed two more gas export contracts with China as cargo prices at record levels add pressure on overseas buyers to enter into long-term deals and lock in lower costs.

The U.S. liquefied natural gas (LNG) developer signed a pair of long-term supply deals with China’s CNOOC Gas & Power Group Co. Ltd. for a total of 3.5 million metric tons a year, the companies said in a joint announcement Monday.