GasCo, Singapore’s newly established state gas purchaser, is planning to invite bids in the first quarter of 2026 for long-term liquefied natural gas (LNG) supplies.
The move is intended to address an anticipated shortfall in the country’s gas supply, according to CEO Alan Heng, as reported by Reuters.
The deliveries are expected to start from 2028.
GasCo was formed in 2025 to consolidate the country’s gas procurement following significant volatility in LNG prices triggered by the conflict between Russia and Ukraine, according to the news agency.
Heng told Reuters that current contracts will be sufficient to cover the nation’s gas demand for the next two years.
However, a shortfall is expected, with the gap estimated to reach around three million tonnes (mt) between 2028 and 2029, and grow to around 6mt by 2035.
“We anticipate that by 2028–2029 it would ramp up quite significantly,” Heng said, explaining that these figures include piped gas and power from nearby nations.
Gas is used to produce 95% of Singapore’s electricity, making stable supply essential.
Heng noted that existing buyers will continue to manage current contracts, with most piped gas agreements ending by 2028 and LNG contracts running from 2028 to 2032.
When assessing new offers, GasCo will focus on price, supply reliability and flexibility in contract terms.
The company also intends to nearly double its staff from 25 by next year.
Heng also mentioned last month that the company is in discussions with LNG suppliers over long-term contracts and expects US supply to form part of its portfolio.
In addition to US LNG, GasCo is said to be looking for long-term Brent-linked supplies, a standard among Singapore’s power companies.
However, according to Heng, the volumes received from Malaysia and Indonesia are likely to decrease as those countries use more of their own gas for domestic needs.
Singapore is already seeing a rise in imported LNG volumes, Reuters added.
Heng said: “A wave of new LNG supplies, which analysts expect to come online through the end of the decade, will favour buyers.”
