QatarEnergy has entered into a long-term condensate supply agreement with Mitsui & Co. Energy Trading Singapore. 

Set to commence from April 2024, the decade-long contract will see the supply of up to 11 million barrels of condensates annually. 

The terms of the agreement include provisions for potential volume increases. 

State-owned QatarEnergy expects to export additional condensate volume when its North Field East (NFE) and North Field South (NFS) expansion projects become operational.  

Mitsui & Co. Energy Trading Singapore is a wholly owned subsidiary of the diversified Japanese conglomerate Mitsui. 

This agreement builds on the strategic partnership between QatarEnergy and Mitsui, which spans various shared investments in Qatar’s energy sector. 

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By GlobalData

QatarEnergy president and CEO Saad Sherida Al-Kaabi said: “We are delighted to announce the signing of this long-term sales agreement with one of our strategic Japanese partners, solidifying our decades-long relationship with Mitsui.  

“This agreement marks a significant step in advancing synergy between our companies and fostering mutual growth and value for both parties.” 

The announcement comes on the heels of QatarEnergy’s recent $6bn (QR21.84bn) investment in the Al-Shaheen field’s development to increase oil production by around 100,000 barrels per day (bpd).  

Reputed to be one of the globe’s largest oil reserves, the Al-Shaheen field is situated 80km offshore Qatar and has seen substantial development since its 1994 inception, reaching a production rate of 300,000bpd by 2007. 

QatarEnergy also recently finalised a 15-year liquefied natural gas (LNG) supply agreement with Excelerate Energy for the delivery of LNG to Bangladesh.  

This agreement, which starts in January 2026, will enable Excelerate to purchase up to one million tonnes of LNG per annum from QatarEnergy, with deliveries to floating storage and regasification units in Bangladesh.