Chesapeake Energy and Vitol announced the entrance into a Heads of Agreement with Chesapeake Energy Marketing L.L.C. a subsidiary of Chesapeake Energy Corporation. Under the HOA, Chesapeake will supply up to 1M tonnes of LNG per annum to Vitol with the purchase price indexed to Japan Korea Marker for a period of 15 years. Following the execution of the HOA, Chesapeake and Vitol will jointly select the most optimal liquefaction facility in the United States to liquify the gas produced by Chesapeake for delivery to Vitol. The HOA has a targeted start date in 2028.
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