0
0
Home » Oil and Gas » Midstream

Long-Term LNG Contracts Review, 2021 – Qatar Petroleum Signs Largest LNG Supply Contract with CNOOC

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. LNG will be supplied from the Ras Laffan III liquefaction terminal in Qatar. In terms of contracts signed, North America was the leading region with 8 long-term LNG contracts for the export of LNG from North America in 2021 followed by the Middle East, Former the Soviet Union, and Oceania.

Of the contracts signed in North America, six contracts are for the export of LNG from the US, and two are from Canada. The three biggest contracts were signed by Tellurian Investments for the supply to each of the following companies, Gunvor Group Limited in 2026, Royal Dutch Shell Plc from 2026 to 2035, and Vitol Group from 2026 to 2036. The two long-term LNG contracts were signed for the export of LNG from Oceania in 2021, both from Australia. The biggest contract in Oceania was signed by Woodside Energy Ltd for the supply of LNG from 2025 to 2031 to RWE AG. The other contract in Oceania was signed by Chevron USA Inc. for the supply of LNG from 2023 to 2028 to Pavilion Energy Pte Ltd.

Which are the market dynamics in the long-term LNG contracts?

By key importing countries

The leading importing country in terms of capacity share in 2021 was China followed by Pakistan, South Korea, Bangladesh, Singapore, and others. Among the long-term contracts signed in 2021, the importing country details are presently available for only 11 contracts. China signed one of the biggest contracts to import LNG from Qatar from 2022 to 2036. It also signed a contract to import LNG from Russia from 2023 to 2038.

By key exporting countries

Qatar and the US lead in terms of LNG export contract volumes signed in 2021 followed by Russia, Canada, Australia, and others. Qatar signed seven contracts, while the US and Russia signed six contracts each.

By key purchaser companies

Sinopec Corp led the long-term LNG contracted capacity among buyers in 2021 with a share of more than 10% followed by Vitol Group, Royal Dutch Shell Plc, CNOOC Limited, Gunvor Group Limited, and others.

By key seller companies

In 2021, Tellurian Investments signed the highest long-term LNG contract volumes among seller companies with more than 20% of the total volumes. Qatargas Operating Company Limited followed with a share of more than 15% of the total volumes. Tellurian Investments was the leading seller company followed by Qatargas Operating Company Limited, Venture Global LNG, Qatar Petroleum, Arctic LNG 2 and others.

Which are the key purchaser in terms of annual count of contracts and contracted capacities?

Among purchaser companies, Royal Dutch Shell Plc leads in terms of the highest long-term contracted capacity during 2019 -2021. The company’s entire volume comes from five contracts signed in 2019-2021, two of which are signed with US-based companies-Tellurian Investments and NextDecade Corporation, and two other contracts are with Qatar-based companies-Qatargas Operating Company Limited, and Qatargas Operating Company Limited. The remaining contract is signed with Mozambique LNG 1 Pte Ltd, a Mozambique-based company.

Vitol Group followed Royal Dutch Shell Plc with a capacity of more than 5 mtpa each during 2019-2021. Vitol Group signed four contracts during the period, the highest in terms of volume being the contract signed with Tellurian Investments in 2021 to receive LNG from 2026 to 2036. Sinopec Corp occupies the third position in terms of combined capacity. Three of the contracts signed were with Venture Global LNG, a US-based company, while the remaining one was signed with Esso Highlands Limited, a Papua New Guinea-based company. In 2021, the key companies with the maximum number of contracts included Sinopec Corp, Royal Dutch Shell Plc, Vitol Group, Cnooc Limited, BP plc, Gunvor Group Limited, Pakistan State Oil Company Limited, Shenergy Group Limited, China Petroleum & Chemical Corporation, Korea Gas Corporation (KOGAS) and Kuwait Petroleum Corporation.

Maximum contracted LNG capacity, by key companies

Maximum contracted LNG capacity, by key companies

To know more about key players, download a free report sample

Market report scope

Key players Sinopec Corp, Royal Dutch Shell Plc, Vitol Group, Cnooc Limited, Gunvor Group Limited, Pakistan State Oil Company Limited, Shenergy Group Limited, Cnooc Gas & Power Ltd, Kuwait Petroleum Corporation, China Petroleum & Chemical Corporation, Korea Gas Corporation (KOGAS), BP plc, CPC Corporation, and OAO Novatek.

Scope

This report analyzes the Long-term LNG contracts. It provides:

  • Comparison of LNG contracted capacity and share by key importing and exporting countries for 2021 and 2020.
  • Comparison of LNG contracted capacity and share by key seller and purchaser companies for 2021 and 2020.
  • Count of contracts and contracted capacity signed by key purchaser companies from 2019 to 2021.

Reasons to Buy

  • Obtain information on long-term LNG contracts signed globally for 2021.
  • Identify countries and companies involved in the signing of long-term LNG contracts in 2021.
  • Facilitate decision-making on the basis of strong long-term LNG contracts data.
  • Keep abreast of recent long-term LNG contracts signed globally during 2019-2021.

Table of Contents

| About GlobalData 2

1.1 List of Tables 4

1.2 List of Figures 5

2. Long-Term LNG Contracts Review 6

2.1 Biggest New Long-Term LNG Contract Signed in 2021 6

2.2 Regional Contract Briefs 6

3. LNG Contracted Capacity and Share Signed by Key Importing Countries in 2021 vis-à-vis 2020 8

4. LNG Contracted Capacity and Share Signed by Key Exporting Countries in 2021 vis-à-vis 2020 9

5. LNG Contracted Capacity and Share Signed by Key Purchaser Companies in 2021 vis-à-vis 2020 10

6. LNG Contracted Capacity and Share Signed by Key Seller Companies in 2021 vis-à-vis 2020 11

7. Annual Count of Contracts and Contracted Capacities by Key Purchaser Companies, 2019-2021 12

8. Appendix 14

8.1 Abbreviations 14

8.2 Market Definition 14

8.3 Methodology 14

| Contact Us 15

List of Tables

Table 1: LNG contracted capacity and share signed by key importing countries in 2021 vis-à-vis 2020* 8

Table 2: LNG contracted capacity and share signed by key exporting countries in 2021 vis-à-vis 2020* 9

Table 3: LNG contracted capacity and share signed by key purchaser companies in 2021 vis-à-vis 2020* 10

Table 4: LNG contracted capacity and share signed by key seller companies in 2021 vis-à-vis 2020* 11

Table 5: Annual count and capacities of contracts signed by key purchaser companies, 2019–2021 12

List of Figures

Figure 1: LNG contracted capacity and share signed by key importing countries in 2021 vis-à-vis 2020* 8

Figure 2: LNG contracted capacity and share signed by key exporting countries in 2021 vis-à-vis 2020* 9

Figure 3: LNG contracted capacity and share signed by key purchaser companies in 2021 vis-à-vis 2020* 10

Figure 4: LNG contracted capacity and share signed by key seller companies in 2021 vis-à-vis 2020 11

Figure 5: Annual count and capacities of contracts signed by key purchaser companies, 2019–2021 12

Frequently Asked Questions

The biggest long-term liquefied natural gas (LNG) contract signed in 2021 was between Qatar Petroleum and CNOOC Limited on September 29, 2021.

In terms of contracts signed, North America was the leading region with 8 long-term LNG contracts for the export of LNG from North America in 2021 followed by the Middle East, Former the Soviet Union, and Oceania.

The leading importing country in terms of capacity share in 2021 was China followed by Pakistan, South Korea, Bangladesh, Singapore, and others. Qatar and the US lead in terms of LNG export contract volumes signed in 2021 followed by Russia, Canada, Australia, and others.

In 2021, the key companies with the maximum number of contracts included Sinopec Corp, Royal Dutch Shell Plc, Vitol Group, Cnooc Limited, BP plc, Gunvor Group Limited, Pakistan State Oil Company Limited, Shenergy Group Limited, China Petroleum & Chemical Corporation, Korea Gas Corporation (KOGAS) and Kuwait Petroleum Corporation.

    Pricing

Discounts available for multiple purchases.

reportstore@globaldata.com
+44 20 7947 2960

Join our mailing list

Saved reports