Total SA has dominated in terms of long-term liquified natural gas (LNG) import contract volumes signed by key purchasing companies for the year 2020, with almost 38 per cent of global contracted capacity, a report from GlobalData has highlighted.
According to the company’s recent report, ‘Global Long-Term LNG Contracts Review, 2020 – Kosmos Energy Signs Largest LNG Supply Contract with BP Plc’, Total signed a long-term LNG contracted capacity of 3.2 million tonnes per annum (mtpa) in 2020.
BP followed with a share of 22 per cent or 2.5 mtpa. Eni Spa also had 18 per cent or 1.5 mtpa of the total LNG contracted capacity in the year.
Amareswari Kanaparthi, Oil and Gas Analyst at GlobalData, detailed that the emergence of the COVID-19 pandemic has impacted the signing of long-term LNG contracts globally, as almost all the long-term contracts reported for 2020 were signed in Q1 2020.
“Amid the ongoing pandemic, buyers are more interested in signing short-term contracts as long-term contracts became unattractive due to lower spot prices,” Kanaparthi said.
Among seller companies, Kosmos Energy signed the biggest long-term LNG contract for 2020 with BP to supply 2.5 mtpa of LNG for a period of seven years, from 2023 to 2030. The LNG will be supplied from the Tortue Floating I liquefaction terminal in Mauritania.
Nigeria LNG Limited also signed the highest long-term LNG contract volumes among seller companies with 4 mtpa or 47 per cent of the total volumes in 2020.
Energia Costa Azul and Kosmos Energy followed with 2.5 mtpa or 29 per cent of the total volumes each, followed by Qatargas Operating Company and Venture Global LNG with 1 mtpa each.