The agreement is for the supply of approximately 0.45 million t of LNG per annum over a three-year period, with supply to begin this month.
ExxonMobil operates the project on behalf of five JV partners, with Oil Search and Santos holding a 29 per cent and 13.5 per cent interest, respectively.
Oil Search Managing Director Peter Botten said the company was very happy with the deal, with sales expected almost immediately.
“We are delighted to have entered into a SPA with PetroChina,” he said.
“The first sale under the new agreement is expected to take place this week.
“This is the first mid-term sale to be finalised for the supply of up to 1.3 million t per annum (in aggregate) from PNG LNG for a period of up to five years.”