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Chesapeake Sign LNG Deal with Delfin to Delivery on to Gunvor

LNG

Chesapeake Energy has signed a long-term deal to buy LNG from Delfin and then deliver to Gunvor.

  • The 20 year deal to start in 2028 involves the purchase of 500k metric tons of LNG annually from Delfin linked to the US Henry Hub index and then selling on to Gunvor on a FOB basis linked to the S&P Global JKM price.
  • Chesapeake and Gunvor have a previously announced heads of agreement for sales of 2m tons of LNG a year.
  • The deal is the first involving a US LNG export project since the Biden administration paused the issuance of new non-FTA export permits. The pause does not apply to Delfin, which already has approvals from the Energy Department and other agencies.
  • Delfin is yet to reach a final investment decision but was last year reported to be working towards FID on its first three FLNG vessels.
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