Australia's Woodside Petroleum Ltd. reported Wednesday that its unit Woodside Energy Trading Singapore Pte Ltd. has signed a Heads of Agreement (HOA) with Indonesia's national oil company PT Pertamina (Persero) to supply approximately 0.5 to 1.0 million tons of liquefied natural gas (LNG) a year from the firm's LNG portfolio for a period of 15 to 20 years.
"The HOA remains conditional upon the negotiation and execution of a fully termed LNG sales and purchase agreement and obtaining all necessary approvals (including the relevant Woodside and Pertamina board approvals)," Woodside said in a press release.
Indonesia's domestic energy consumption rose 43 percent between 2003 and 2013 and the government intends to raise natural gas' share of the energy mix to around 22 percent by 2025, according to the U.S. Energy Information Administration.
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