China National Offshore Oil Corp (CNOOC) has reportedly issued its first supply tender to sell two cargoes of liquefied natural gas from the BG-operated QCLNG plant in Australia.
CNOOC, which owns a 50 percent stake in QCLNG Train 1 is offering to sell one cargo around October 20 on an FOB basis and a second around November 20 on a DES basis, according to a report by Reuters.
The decision to offload supply onto the spot market follows an acceleration in LNG oversupply as import demand from China and other Asian countries has fallen far short of forecasts, the report added.
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LNG World News Staff; Image: BG