French oil and gas company TotalEnergies has signed an agreement to extend its partnership with Oman LNG.
Oman LNG is a liquified natural gas (LNG) joint venture, in which TotalEnergies holds a 5.54% stake.
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The JV’s liquefaction complex is located on the northeast coast of Oman and comprises two liquefaction trains.
Each liquefaction train has a capacity of 3.8 million tonnes of LNG per year (mtpa).
Oman LNG also holds a stake in the adjacent Qalhat LNG project, which has a 3.8mtpa capacity liquefaction train.
With this deal, TotalEnergies is extending its stake in Qalhat LNG by five years and in Oman LNG beyond 2024, by ten years.
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By GlobalDataFor the period of extension, the parties have committed to finance investments to lower the plant’s greenhouse gas emissions.
TotalEnergies became one of Oman LNG’s primary buyers of its production when it signed a deal with the latter in January 2023 to offtake 0.8mtpa of LNG for ten years from 2025.
TotalEnergies senior vice president of Middle East and North Africa of exploration and production, Julien Pouget said: “We are pleased to extend our partnership with Oman LNG. This LNG contributes to our supply of Europe and Asian markets, and strengthens our integrated and flexible global portfolio, in line with TotalEnergies’ ambition to increase its LNG production and long-term purchases by 50% by 2030.”
In October 2023, Shell, which owns a 30% stake in Oman LNG, signed a similar agreement for the Omani JV.
At the time, Oman LNG signed a number of agreements to ensure its gas supply until 2034.
Alongside the Omani government, Shell and TotalEnergies, participants of the JV include Korea LNG, PTTEP, Mitsubishi, Mitsui, and Itochu.
In August 2023, Oman LNG signed two agreements to supply more than 1.5mtpa of LNG.
