BP, PetroChina secure LNG capacity at Gate terminal
Gate terminal, a joint venture of Vopak and Gasunie, on May 25 announced that BP and PetroChina have separately agreed to acquire 2bn m3/year of regasification and corresponding storage capacity.
Gate terminal conducted an open season at the end of 2022 to gauge market interest in expanding its storage capacity by 180,000 m3 of LNG and increasing regasification capacity by 4bn m3/year. This expansion will bring the total capacity of the Gate terminal to 720,000 m3 with a regasification capacity of 20bn m3/year.
Both BP and PetroChina International London Co. have committed to booking a capacity of 2bn m3/year for a period of 20 years. The parties will work closely together to achieve a final investment decision (FID) by September 2023, subject to financing and other considerations, Gate terminal said. Commercial operations are expected to begin by the third quarter of 2026.
BP said it sees LNG as a crucial component of the energy transition and its own strategy to become an integrated energy company. “As BP aims for an LNG portfolio of 30mn mt by 2030, this award provides additional regasification capacity in a key location to support security of supply for our European customers,” said Jonty Shepard, VP of global LNG trading & origination at BP.
PetroChina International released a statement expressing its pleasure in acquiring import capacity, which will contribute to developing essential LNG receiving infrastructure in the Netherlands. The company said it is expanding its global LNG portfolio and aims to provide significant and reliable LNG supplies to the global market.
“We received a good market response to our inquiry to increase the capacity of this crucial asset for the security of supply of gas in Europe. BP and PetroChina International London Co. are world class LNG portfolio players and a great addition to the existing portfolio of customers. This will further enhance the security of supply to the European energy market by adding new supply sources,” said Jarmo Stoopman, managing director at Gate terminal.