ADNOC Gas signs a long-term agreement with Indian Oil Corporation to supply liquefied natural gas (LNG). The deal is valued between $7 billion and $9 billion. ADNOC Gas, the integrated gas unit of Abu Dhabi National Oil Company (ADNOC), will export up to 1.2 million metric tonnes per annum (mmtpa) of LNG to Indian Oil over a 14-year period.
The agreement is seen as a significant milestone for ADNOC Gas in expanding its global presence and strengthening its position as a preferred global LNG export partner. For India, the deal aligns with its goal to increase the share of natural gas in its energy mix to 15% by 2030, up from the current 6%.
The article also mentions the growing competition in the LNG market and the resurgence of long-term LNG contracts following the disruptions caused by the Russian invasion of Ukraine. Countries like Germany are securing long-term LNG supply deals to ensure gas supply after Russia halted deliveries. Additionally, Chinese buyers have signed record-long LNG term deals with Qatar and are exploring further agreements with QatarEnergy and U.S. LNG developers.
