BP publishes LNG contract templates to push industry standardization

SINGAPORE - Global oil and gas major BP has published its master sales and purchase contract templates for its liquefied natural gas trading business and says it is the first of its peers to do so.

The LNG industry has been pushing to streamline and standardize the contracts that govern its market to cut down on red tape and lengthy negotiations to speed up the commodity’s transition to an oil-like trading model. An MSPA is a complex framework agreement between two counterparties spelling out the general terms for their LNG deals. Unlike in oil markets, where standardized GT&Cs like BP’s provide a framework for traders to refer to, in LNG markets, companies typically draft separate contracts for every deal.

The publication of standard-form MSPAs by market players rather than industry bodies is potentially a step towards greater transparency within the LNG industry, said Jessica Ham, a lawyer with legal firm Ashurst, which handles LNG contracts.

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