Tamboran Signs Two MOUs with BP and Shell for Supply of 4.4 MTPA of LNG from the Company's Proposed NTLNG Development
Tamboran signs non-binding LNG MOUs with bp and Shell
Sydney, June 23, 2023 AEST (ABN Newswire) - Tamboran Resources Limited (
ASX:TBN) (TBNNY:OTCMKTS) has entered into two non-binding Memorandum of Understandings (MOU) with BP Singapore Pte. Limited (bp), a subsidiary of BP plc., and Shell Eastern Trading (Pte) Ltd. (Shell), a subsidiary of Shell plc. regarding the potential purchase of liquefied natural gas (LNG) from Tamboran's proposed NTLNG project at Middle Arm.
The two MOUs include volumes for bp and Shell to each purchase up to 2.2 million tonnes of LNG per annum (MTPA) over a 20-year period.
Gas volumes have the potential to be supplied from Tamboran's Beetaloo Basin gas assets, subject to completion of the Concept Select studies, successful Beetaloo appraisal drilling and Government approvals.
Tamboran to progress discussions with both bp and Shell prior to the completion of the FEED in 2024 and aim for formal execution of the LNG Sale and Purchase Agreements (SPA) in 2025.
Tamboran Resources Limited Managing Director and Chief Executive Officer, Mr Joel Riddle, said:
"Securing these MOUs with bp and Shell is a significant step in progressing the proposed NTLNG development at Middle Arm.
"bp and Shell are two of the world's largest LNG portfolio trading and energy companies and provide important and credible counterparties for Tamboran to progress financing discussions to support the sanctioning of the NTLNG project, capable of producing up to 6.6 MTPA.
"We look forward to progressing our agreements with both parties, who have both shown significant support to Tamboran through the accelerated discussions, which further emphasise the importance of LNG demand growth in the Asia-Pacific region."
About Tamboran Resources Corporation
Tamboran Resources Corporation (ASX:TBN) is a natural gas company that intends to play a constructive role in the global energy transition towards a lower carbon future by developing low CO2 unconventional natural gas resources in the Beetaloo Sub-basin within the Greater McArthur Basin in the Northern Territory of Australia. Tamboran's key assets are a 25% working interest in EP 161 and a 100% working interest in EP 136, EP 143 and EP(A) 197 which are located in the Beetaloo Sub-basin.
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