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LNG supply contracts are usually long-term sale-and-purchase agreements (SPAs) that decide four things before a cargo is loaded: how much LNG the buyer is entitled or required to take, what it will pay, who arranges shipping and bears delivery risk, and what happens when either side cannot perform. The clauses that matter most are annual contract quantity (ACQ), take-or-pay, price indexation, delivery basis (FOB or delivered/DES), destination flexibility, quality, force majeure, credit support, and dispute remedies.
There is no single standard LNG SPA. A contract signed for a U.S. export project can allocate shipping and destination rights differently from one for an integrated producer in another region. Always read the definitions, schedules, governing law, and amendments together; a headline term such as “FOB” or “take-or-pay” does not answer every risk question by itself.
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What an LNG supply agreement actually allocates
An SPA is a coordinated set of commercial, operational, and legal promises. It normally runs for many years, although the exact term and renewal options are negotiated. The contract converts a production project’s output into scheduled cargoes and gives the buyer a predictable supply obligation or portfolio position.
| Contract element | What it controls |
|---|---|
| Annual contract quantity (ACQ) | The volume used to calculate the buyer’s annual entitlement and payment obligation. |
| Delivery schedule | Loading windows, monthly or seasonal quantities, nomination deadlines, and procedures for changing a schedule. |
| Quantity flexibility | Downward quantity tolerance (DQT), upward options, make-up gas, deferral, and expiry rules. |
| Price formula | The benchmark, slope or percentage, constant, transport additions, currency, and any floor or ceiling. |
| Delivery basis | Where title, risk, shipping responsibility, and costs transfer between seller and buyer. |
| Destination and resale | Whether a cargo must go to a named terminal or can be diverted or resold elsewhere. |
| Technical and legal protections | Quality, measurement, force majeure, credit security, suspension, termination, governing law, and arbitration. |
EU contract-transparency rules identify quantities, delivery points, nomination schedules, quantity flexibility, suspension or termination, force majeure, governing law, and arbitration as material information. Those subjects deserve the same attention in a private commercial review because they determine whether a nominally attractive price can actually be used.
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How take-or-pay works
Take-or-pay separates payment from physical receipt. The buyer commits to pay for the contracted quantity, or for a contractually defined minimum quantity, even when it does not take all of the LNG. The commitment is normally softened by a DQT and by negotiated make-up or deferral rights.
The calculation
- Start with the ACQ and the delivery schedule for the relevant contract year.
- Apply the DQT or other downward flexibility to determine the minimum quantity the buyer must take or pay for.
- Compare that minimum with the quantity actually accepted and paid for.
- Calculate the shortfall payment using the contract’s price formula and any specified adjustments.
- Check whether the shortfall creates a make-up credit, can be deferred, or expires after a stated period.
For an illustrative contract with a 1,000,000-tonne ACQ and a 10% DQT, the minimum annual quantity would be 900,000 tonnes. If the buyer physically receives 800,000 tonnes, it could owe payment for the 100,000-tonne shortfall, subject to the SPA’s price, exclusions, make-up rules, and any seller failure. The arithmetic is simple; the negotiated definitions decide whether a cargo counts, whether an unavailable terminal excuses performance, and when a paid-but-undelivered quantity can be recovered.
Make-up, deferral, and expiry
A make-up right lets a buyer recover LNG for which it previously paid but did not receive. The right may be limited to specified future years, require advance notice, depend on available production, or expire if unused. Deferral can move a scheduled quantity into a later period without treating it as a permanent reduction, but contracts often cap the volume or number of years that can be deferred.
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If the buyer does not pay
Non-payment is different from an excused failure to take. An SPA commonly provides interest, draw rights against letters of credit or other security, suspension of future deliveries, and termination after specified defaults or cure periods. The seller’s remedy may be limited if the shortfall resulted from a valid force-majeure event or from the seller’s own failure to deliver. The exact notice, cure, and calculation provisions control.
How LNG prices are constructed
Most LNG SPAs use a formula rather than a fixed dollar price for the entire term. The formula links LNG to an energy benchmark and then adds or subtracts negotiated components.
Common indexation models
- Crude-oil indexation: The price follows JCC (Japanese Customs-cleared Crude), Brent, or another oil reference, usually through a slope or percentage plus a constant.
- Gas-hub indexation: The formula tracks a gas hub such as Henry Hub, with a percentage or slope and often a fixed liquefaction or other charge.
- Hybrid formulas: The contract combines oil and hub references, sometimes with separate terms for different volumes or periods.
A simplified delivered LNG formula described by the Reserve Bank of Australia is a constant plus a pricing slope applied to JCC, with transportation often added. The actual SPA will define the quotation period, averaging method, conversion factors, currency, and publication source. A Henry Hub-linked U.S. contract similarly needs the benchmark location, observation period, percentage or slope, and fixed charges specified; “Henry Hub price” alone is not a complete formula.
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Floors, ceilings, and S-curves
A floor prevents the formula from falling below a negotiated level, while a ceiling limits extreme upside. An S-curve changes the slope at high or low oil prices, reducing the formula’s sensitivity at the extremes. These protections can materially change delivered cost even when two contracts cite the same benchmark.
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Price review and reopening
Price-review clauses allow renegotiation either on a schedule or after a defined market event. The Reserve Bank of Australia notes that reviews are often set at intervals such as three to five years or triggered by large oil-price movements. A useful clause states who may trigger a review, the notice period, the evidence required, the negotiation timetable, and what happens if the parties cannot agree. It should also say whether the existing price continues, a temporary formula applies, or either party gains a termination right.
What current market figures do—and do not—show
| Figure | Scope and qualification |
|---|---|
| 70% (49 MT) in FY2024 | JOGMEC’s 2026 survey share of surveyed Japanese term-contract ACQ indexed to JCC, Brent, and other crude-oil prices. |
| 55% (36 MT) in FY2030 | JOGMEC’s 2026 projection for the crude-oil-indexed share of that surveyed ACQ. |
| 35% (16 MT) in FY2035 | JOGMEC’s 2026 projection for the crude-oil-indexed share of that surveyed ACQ. |
| Approximately 95% under 20-year SPAs | U.S. Energy Information Administration’s 2026 figure for volumes sold under 20-year SPAs among the U.S. developer contracts covered in its update. |
These are survey, projection, or project-specific figures, not universal shares of the global LNG market. A contract comparison should record the benchmark, slope, constant, review mechanism, transport adder, inflation indexation, currency, and any floor or ceiling in one place.
FOB, delivered terms, and DES
The delivery basis decides which party controls the voyage and where costs and risk move. The label is a starting point, not a substitute for the title and risk clauses.
| Feature | FOB SPA | Delivered or DES-style SPA |
|---|---|---|
| Typical transfer point | Producing-country loading terminal. | Specified receiving point or destination, subject to the SPA’s exact wording. |
| Shipping | Buyer normally arranges the vessel and voyage. | Seller generally carries more transport and delivery responsibility to the agreed point. |
| Title and payment | U.S. Energy Information Administration states that buyers take ownership and pay at the loading terminal. | Payment, title, and risk may transfer later; the contract must identify the precise event. |
| Main buyer exposure | Vessel availability, freight, routing, weather, and destination logistics. | Less voyage control, but potentially less direct shipping exposure and less destination choice. |
Under FOB, the buyer also needs compatible vessels, insurance, port clearances, and a plan for delays. Under a delivered structure, the seller’s obligation may extend through loading, transport, and discharge, but exceptions can shift waiting time, terminal charges, or diversion costs back to the buyer. Check the Incoterms-style language only alongside the SPA’s bespoke definitions.
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Scheduling, destination, and diversion rights
Delivery clauses specify loading and discharge points, cargo windows, nomination deadlines, vessel compatibility, quality, measurement, acceptance, and the consequences of an unavailable ship or terminal. A missed nomination can be an operational breach even when the annual quantity is ultimately available.
Fixed destinations versus flexible cargoes
Traditional contracts often required delivery to a named receiving terminal. Newer contracts increasingly permit diversion or resale when the market is well supplied. A destination-flexible clause may still require advance notice, seller consent, compliance with export authorizations, payment of incremental costs, and profit sharing.
The EIA states that SPA contracts commonly allow buyers to deliver LNG to any destination when the movement complies with U.S. Department of Energy export authorizations and U.S. law. That statement concerns the covered U.S. contracts; an individual SPA can be narrower. Sanctions, import rules, terminal capacity, and vessel documentation can block a theoretically permitted diversion.
Why flexibility is not unlimited
LNG moves periodically in large ship cargoes rather than continuously through a pipeline. WilmerHale notes that this physical reality limits practical flexibility. A buyer may have a contractual right to divert but no economical vessel, receiving slot, storage, or onward-market opportunity. The contract should state who bears extra freight, boil-off, canal charges, terminal fees, and losses caused by a late change.
Quality, measurement, and acceptance
Quality schedules define permitted composition and heating-value ranges, contaminants, temperature, pressure, and sampling procedures. Measurement clauses identify the meters, calibration standards, inspection rights, and calculation method for energy and volume. The SPA should provide a process for disputed certificates, re-testing, price adjustment, cargo rejection, and allocation of off-specification LNG.
Vessel and terminal provisions are equally practical: draft limits, manifold compatibility, unloading rates, emergency shutdown systems, port rules, and notice of readiness. These details determine whether a nominal delivery window can be used without incurring demurrage or losing a slot.
Force majeure, suspension, and termination
Force majeure provisions excuse or suspend performance only for events and consequences within the negotiated definition. They commonly address natural disasters, war, government action, strikes, infrastructure failure, sanctions, and terminal or shipping outages, but the wording varies substantially.
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- Mitigation: The party may have to take reasonable steps to restore performance or find alternatives.
- Allocation: If supply is reduced, the clause may explain how available cargoes are shared among buyers.
- Payment: Check whether force majeure excuses only delivery, also suspends take-or-pay, or leaves certain costs payable.
- Long-stop rights: Prolonged non-delivery can trigger suspension, termination, or a replacement-purchase remedy.
Suspension and termination provisions may also cover non-payment, insolvency, sanctions, regulatory change, or repeated quality failure. Look for cure periods, termination fees, return of security, and the treatment of undelivered make-up quantities.
Credit support, governing law, and disputes
Because an SPA can create large future payment obligations, sellers may require letters of credit, parent guarantees, collateral, or minimum credit ratings. Credit-support clauses can require additional security after a downgrade or market-value change. Buyers should check whether the seller must provide equivalent assurance for delivery failure.
Governing-law and arbitration clauses identify the legal system, seat, institution or procedure, language, confidentiality rules, and number of arbitrators. They also determine how emergency relief, interim measures, and enforcement work. A technically clear commercial clause can still produce costly uncertainty if these procedural choices conflict with the parties’ assets and delivery locations.
A practical method for comparing two LNG SPAs
- Normalize the volume obligation. Record ACQ, delivery months, DQT, upward flexibility, make-up volume, deferral limits, and expiry.
- Build a delivered-cost formula. Put benchmark, slope, constant, currency, transport, liquefaction, terminal, freight, and inflation adjustments in separate columns.
- Map the transfer points. Mark loading, title transfer, risk transfer, discharge, payment due date, and responsibility for demurrage.
- Test a low-demand year. Calculate the take-or-pay payment after DQT, then identify whether make-up or deferral is available.
- Test an operational disruption. Review terminal outage, vessel unavailability, off-specification cargo, and force-majeure notice and allocation rules.
- Test a high-price year. Apply floors, ceilings, S-curve behavior, and price-review triggers to see who bears volatility.
- Test a diversion. Confirm destination restrictions, notice, consent, legal authorizations, extra costs, and profit-sharing.
- Check credit and exit rights. Compare security requirements, cure periods, suspension, termination, governing law, and arbitration.
The most important comparison is not simply “which price is lower.” Evaluate delivered-cost exposure, volume risk, destination and resale flexibility, operational reliability, and legal and credit protection together. A lower benchmark slope can be outweighed by a rigid destination, short make-up window, high freight exposure, or weak remedy for seller non-delivery.
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