Adnoc Gas will supply Germany’s state-owned energy firm Securing Energy for Europe (Sefe) with LNG under a three-year USD 400 mn agreement, according to a press release (pdf) released on Thursday. The LNG will be sourced from the Adnoc's Das Island liquefaction facility, with delivery of 0.7 mn tons of LNG set to begin this year.

This isn't Adnoc and Sefe's first rodeo: The oil giant inked a sales and purchase agreement (SPA) last November to supply SEFE with 1 mn tonnes of LNG a year from its Ruwais LNG project. The agreements come as SEFE looks to diversify its supply agreements away from Russia following its invasion of Ukraine, Reuters reported on Thursday.

Adnoc Gas has been ramping up LNG agreements, having inked agreements with German energy infrastructure firm EnBW, Malaysia’s state-owned oil and gas firm Petronas, as well as a USD 450 mn agreement with Japan’s Jera. Meanwhile, its USD 19 bn takeover offer for Australian gas player Santos would add 7.5 mn of annual LNG capacity to its roster.

IN OTHER TRADE NEWS-

Cypriot gas ? Egypt: Cypriot Energy Minister George Papanastasiou prematurely announced that Exxon Mobil has made a significant gas discovery at Cyprus’ Pegasus-1 well and that there were plans to send the gas to Egypt for liquefaction and re-export.

Don’t get your hopes up: “Announcing the gas find before an official statement was issued was ill-advised but more so was the mentioning that the gas would be sent to Egypt,” an industry source told industry publication Middle East Economic Survey (Mees). Exxon is advising caution and that it will need months to analyze the data before making the decision to send gas for liquefaction and re-export in Egypt.

Egypt’s been expecting Cypriot gas: Gas from Cyprus’ Cronos and Aphrodite fields will be coming our way, with agreements inked earlier this year between the two sides that will see the country ship natural gas from its offshore fields to be liquefied in facilities in Idku and Damietta before being re-exported to foreign markets.

REMEMBER- After becoming a net exporter of LNG in 2018 and signaling its intention to become an important energy exporter to the region and Europe, production falls and rising domestic demand led to Egypt having to ramp up imports to bridge the supply gap. Egypt has been looking to return to its status as a net LNG exporter; Mees sees that happening by 2027 after its Nargis and Nour fields come online.

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