May 10, 2018 / 10:32 AM / in 2 years

Japex seeks LNG cargoes from 2020 after scrapped Canada project

SINGAPORE/TOKYO (Reuters) - Japan Petroleum Exploration Co (Japex) (1662.T) is seeking liquefied natural gas (LNG) cargoes after its joint venture LNG project in western Canada was scrapped last year, three industry sources said on Thursday.

The oil and gas developer is seeking three to six cargoes a year of LNG starting from 2020, the sources said. It has given the seller the option of delivering the cargoes over five or 10 years, one of the sources said.

Offers are due by Friday, the source added.

A company spokeswoman did not comment specifically on the LNG requirement but said that in general, Japex has been looking for a portfolio of LNG supplies since the $29 billion Canadian project, in which it had a 10 percent stake, was scrapped.

Petronas [PETR.UL], the Malaysian state-owned energy company, in July abandoned plans to build the Pacific Northwest LNG plant in northern British Columbia due to low prices.

Japex will look for a mix of spot, mid-term and long-term supplies without specifying a supply source, until 2030.

The volumes will be transported to the company’s new Soma LNG terminal in Fukushima, north of Tokyo, or its Nihonkai LNG terminal in Niigata, she said.

Reporting by Jessica Jaganathan in SINGAPORE and Osamu Tsukimori in TOKYO, Editing by Gopakumar Warrier and Christian Schmollinger

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