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Oman inks long-term LNG agreement: Oman LNG has inked a sales and purchase (SPA) agreement with Swiss commodity trading firm Mercuria to supply it with 800k metric tonnes of LNG annually over a period of 10 years starting April 2025, according to a statement.
The latest in a string of supply agreements: Oman LNG inked a similar SPA with Japanese power-generating outfit Jera in April 2024 for the supply of 800k metric tonnes of LNG annually over 10 years starting in 2025. The firm also inked a five-year agreement with Thailand’s largest energy firm PTT PCL to supply the country with 300k metric tonnes of LNG per year starting in 2026 and a 10-year SPA with Turkey’s BOTAS Petroleum Pipeline Corporation for an annual supply of 1 mn metric tonnes.
IN OTHER LNG UPDATES FROM QATAR-
QatarEnergy has offered China a 10-year supply agreement for 1 mn tons of LNG per year starting 2028, AsharqBusiness reports, citing traders. The potential agreement comes as Qatar looks for buyers as it ramp up production at the country’s North Field expansion project.
We knew this was coming: Qatar’s national energy firm QatarEnergy was in talks last year with European and Asian buyers to supply LNG from its North Field expansion project, which is set to expand production by 85%.
Upping their game? LNG buyers were reported last year to be turning away from Qatar and towards the UAE, Oman, and the US for more flexible supply agreements, with countries like Japan and South Korea reportedly looking for suppliers who offer shorter-term contacts and, unlike Qatar, do not limit the cargoes’ final destination.
China? Qatari LNG: The Chinese state-owned Sinopec snapped 5% of NFE in 2023 after inking a 27-year LNG sales and purchase agreement — one of the longest-known LNG agreements on record — with QatarEnergy to supply 3 mn tonnes of LNG annually. QatarEnergy also inked a long-term LNG supply agreement in December 2024 with energy giant Shell to deliver about 3 mn tonnes of LNG cargoes per year to China.
Bolstering trade volumes: China is the world’s largest importer of LNG, with 71 mn metric tons shipped in 2023, Reuters reported in December 2024, citing government data. Qatar is the third largest LNG exporter globally after the US and Australia, with 73 mn metric tons of LNG exported in 2024, Reuters reported citing Kpler data. Qatar exported USD 37.3 bn worth of LNG to China in 2023, according to OEC data.
