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December 9, 2021updated 21 Mar 2022 8:59am

Qatar Petroleum signs largest LNG supply contract with CNOOC Limited in 2021

Qatar Petroleum signed a contract with CNOOC Limited, according to which the former will supply 3.5Mtpa of LNG from 2022 to 2036.

By GlobalData Energy

The biggest long-term liquefied natural gas (LNG) contract signed in 2021 was between Qatar Petroleum and CNOOC Limited on September 29, 2021. According to the contract, Qatar Petroleum will supply 3.5 million tonnes per annum (Mtpa) of LNG from 2022 to 2036 to CNOOC Limited. The LNG will be supplied from the Ras Laffan III liquefaction terminal in Qatar.

Eight long-term contracts were signed for the export of LNG from North America in 2021, the highest among all the regions. Seven contracts were signed for exports from the Middle East, and six from the Former Soviet Union. Two long-term LNG contracts were signed for exports from Oceania.

Among countries, Qatar and the US led in terms of LNG export contract volumes signed in 2021 with 14.0Mtpa each, followed by Russia with 6.6Mtpa.

Tellurian Investments had the highest LNG contract volumes among seller companies in 2021 with 9.0Mtpa or 23% of the total volumes. Qatargas Operating Company Limited followed with 7.3Mtpa or 19% of the total volumes. Venture Global LNG and Qatar Petroleum occupied third and fourth positions with a contracted capacity of 5.0Mtpa and 4.8Mtpa of capacities, respectively.

With respect to purchaser companies, Sinopec Corp led the long-term LNG contracted capacity among buyers in 2021 with a 13% share or 5.0Mtpa. Vitol Group followed with a share of 11% or 4.3Mtpa.

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