Adnoc signed a 15-year liquefied natural gas (LNG) sales-and-purchase agreement (SPA) with Indian Oil Corporation, according to a statement. Adnoc will supply up to 1 mn tons per annum (mtpa) from its Ruwais LNG project. This agreement — which formalizes a previously signed heads of agreement — comes months after the pair signed another 14-year SPA agreement for up to 1.2 mtpa of LNG from Adnoc’s Das Island facilities.

DATA POINT- Indian Oil is now set to be Adnoc’s largest LNG offtaker with a total capacity of 2.2 mpta starting in 2029.

Adnoc 💚 India: Adnoc Gas signed a 10-year LNG supply agreement with India’s Hindustan Petroleum Corporation for 0.5 mpta of LNG earlier this month. It also inked a 10-year SPA last year with Indian state-owned natural gas company Gail for 0.52 mpta of LNG.

India’s demand for LNG is not expected to cool down anytime soon, as the country plans to more than double its LNG imports to 64 bn cbm (or 45-46 mtpa) annually by 2030. India is currently the world’s fourth-largest LNG buyer.

Meanwhile, Adnoc’s LNG capacity is up for a boom: The oil giant is currently developing its LNG project in AlRuwais Industrial City, Al Dhafra region, which is set to add 4.8 mtpa to its LNG capacity when it launches in 2028. Once fully operational, the project is expected to more than double Adnoc’s UAE LNG production capacity to 15 mtpa. Adnoc is also close to adding another 7.5 mtpa of LNG capacity to its roster through its USD 19 bn takeover offer for Australian gas player Santos.

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