Exxon and PetroChina agree to LNG deal

ExxonMobil has agreed to sell PetroChina 2 mm tons of liquefied natural gas per year for 20-25 years from the Australian Gorgon project, an industry source said.
The deal, which still requires approval from China's State Energy Administration, would be the second Gorgon LNG contract for China's top oil firm, following a 20-year deal with Royal Dutch Shell for 2 mm tpy.

Exxon and Shell both have 25 % of Gorgon, which is operated by Chevron, owner of the remaining 50 %.
Gorgon's project size was recently increased to 15 mm tpy, boosting Exxon's share to 3.75 mm tpy from 2.5 mm tpy.