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Oman + Thailand sign LNG supply agreement: Oman LNG has inked a five-year agreement with Thailand’s largest energy firm PTT PCL to supply the country with 300k metric tons of liquefied natural gas (LNG) per year starting 2025, PTT told Reuters. PTT is in negotiations with Oman LNG for a longer nine-year supply contract to secure 800k tons per year starting in 2026.
Strategizing exports: The agreement will help ease the impact of short-term LNG purchases in the spot market, which exposes Thailand to gas price fluctuations and surges in electricity costs, Thailand’s Bangkok Post reported last week. The suspension of production at a Thai gas field led to a 40% decline in the proportion of domestic gas supply between 2020 and 2023. Thailand is Southeast Asia’s largest LNG importer, importing 11.7 mn tons last year, Reuters writes, citing Kpler data.
PTT already has footprints in Oman: PTT’s subsidiary PTT Exploration and Production Public Company Limited (PTTEP) owns a 20% stake in Block 61, home to Oman’s largest gas fields, as well as minor stakes in Petroleum Development Oman (PDO), Mukhaizna’s block, and Oman LNG, Oman Observer reported last week. PTTEP’s energy subsidiary FutureTech Energy Ventures is a partner in a multinational consortium that signed contracts with Oman’s green industry orchestrator Hydrom to develop a mega-scale green hydrogen project in Oman.
Oman’s a big LNG player: Oman is the ninth-largest LNG exporter globally accounting for 3% of the world’s total LNG exports. The country exported 11.4 mn metric tonnes of LNG in 2023.
There’s been a lot of LNG action lately: Oman’s Energy and Minerals Ministry is set to build a new LNG rail connection at the Qalhat Industrial Complex in South Sharqiyah to boost Oman’s LNG production to 15.2 m metric tonnes per year. TotalEnergies inked a Sale and Purchase Agreement (SPA) with Oman LNG back in April to offtake 0.8 mn metric tons per annum of LNG for a 10-year period beginning in 2025. Oman LNG also signed a SPA with Turkey’s BOTAS Petroleum Pipeline Corporation for the supply of 1 mn metric tonnes per annum (mtpa) of LNG for 10 years and Japan’s Jera for the supply of 0.8 mn metric tons of LNG per year over the same period — both starting 2025.
