Trafigura Signs Long-term Natural Gas Agreement with NuVista Energy
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Trafigura has signed a long-term natural gas agreement with NuVista Energy. NuVista is a leading producer of condensate-rich natural gas in the Montney formation in the Alberta Deep Basin, Canada.
Under the agreement, NuVista will supply 21,000 MMbtu/d of natural gas to Trafigura with the purchase price indexed to JKM for a period of up to thirteen years beginning January 1, 2027.
“For over a decade of growth, we have prioritized ensuring significant diversity in our North American natural gas sales locations to maximize returns on our condensate-rich natural gas. We are extremely pleased to now make our first entry to the world LNG markets with this long-term agreement with Trafigura, one of the world’s leading LNG, energy and commodities groups,” said Jonathan Wright, CEO for NuVista.
This agreement will support the growth of Trafigura’s natural gas business and further grow the company’s role in ensuring security of energy supply for customers worldwide.
“We’re delighted to be entering into a long-term offtake agreement with NuVista which has become a leading E&P producer in the Alberta Deep Basin. Canada’s gas producers are now creating an important new connection to global LNG markets,” said Igor Marin, global head of Gas, Power and Renewables for Trafigura.
“The signing of our first agreement with NuVista reinforces our dedication to these markets and to the growth of our long-term portfolio. It also showcases our capability to supply customers globally, helping them to navigate market fluctuations and ensuring reliability, adaptability and energy stability,” added Marin.
Trafigura is a leading commodities group, owned by its employees and founded more than 30 years ago. At the heart of global supply, Trafigura connects vital resources to power and build the world. They deploy infrastructure, market expertise and its worldwide logistics network to move oil and petroleum products, metals and minerals, gas and power from where they are produced to where they are needed, forming strong relationships that make supply chains more efficient, secure and sustainable. They invest in renewable energy projects and technologies to facilitate the transition to a low-carbon economy, including through H2Energy Europe and joint venture Nala Renewables. The Trafigura Group also comprises industrial assets and operating businesses including multi-metals producer Nyrstar, fuel storage and distribution company Puma Energy, the Impala Terminals joint venture and Greenergy, supplier and distributor of transportation fuels and biofuels. The Group employs more than 12,000 people, of which more than 1,400 are shareholders and is active in 156 countries.
NuVista Energy is an exploration and production company actively engaged in the development, delineation, and production of condensate, NGLs, and natural gas reserves in the Western Canadian Sedimentary Basin. NuVista’s focus is on the scalable and repeatable condensate rich Montney formation in the Pipestone and Wapiti areas of the Alberta Deep Basin (Montney).
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