(Yicai Global) Oct.17 -- China National Offshore Oil Corporation and Total Gas & Power signed a supplemental agreement on long-term purchase and sales of liquefied natural gas yesterday.

The two have adjusted the contract price based on current international LNG market trends, raising the annual contract amount to 1.5 million tons per year from the original one million, and extending the contract term to 20 years from the original 15, thus further deepening their cooperation in LNG, state-backed news outlet The Paper reported.

Based in Courbevoie, just outside Paris, oil and gas giant Total is the world's second-largest supplier of international LNG resources, which it owns in Australia, Qatar, Nigeria, Russia and other countries. Total Gas & Power is the firm's UK unit, and the largest supplier of industrial and commercial gas in the country.

CNOOC Gas & Power Group is a wholly-owned subsidiary of Beijing-headquartered CNOOC, one of China's three major oil and gas companies. It operates and manages the business of China's offshore oil and gas sector. The largest LNG importer in China and the third-largest in the world, the company has built and put into operation nine LNG receiving stations, which have together imported over 130 million tons.

CNOOC said it will continue to seek a reliable, flexible and competitive diversified LNG supply globally.

CNOOC Gas & Power Group's international LNG resources span more than 20 countries and regions. Its main business is concentrated in Australia, Indonesia, Malaysia, Qatar, Nigeria and other lands.

It has signed long-term contracts for 23 million tons of LNG per year with spot sources from 16 countries.

Editor: Ben Armour