Beach Energy signed LNG deal with BP

Beach Energy Limited (ASX: BPT) announced that it had finalised and signed the LNG sale and purchase agreement with BP Singapore Pte. Limited, a subsidiary of BP plc. Under the agreement, BP will purchase all 3.75 million tonnes of Beach Energy’s forecasted LNG volumes from the Waitsia Stage 2 project. Supply is targeted to begin in the second half of 2023 and will remain for approx. five years.

The sale and purchase agreement contains a hybrid pricing structure, which is linked to both Brent and Japan Korea Marker indices. Pricing agreed under the agreement supports the companys exposure to the current commodity cycle prices and do not constrain upside price participation. The agreement also comprises a downside price protection mechanism.

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