Total SA has dominated in terms of long-term liquefied natural gas (LNG) import contract volumes signed by key purchasing companies for the year 2020, with almost 38% of global contracted capacity, according to GlobalData, a data, and analytics company.
The company’s report, Global Long-Term LNG Contracts Review, 2020 – Kosmos Energy Signs Largest LNG Supply Contract with BP Plc, reveals that 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% or 2.5 mtpa. Eni Spa also had 18% or 1.5 mtpa of the total LNG contracted capacity in the year.
Amareswari Kanaparthi, Oil and Gas Analyst at GlobalData, explains, “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.”
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 7 years, from 2023 to 2030. The LNG will be supplied from the Tortue Floating I liquefaction terminal in Mauritania.
Nigeria LNG Limited signed the highest long-term LNG contract volumes among seller companies with 4 mtpa or 47% of the total volumes in 2020. Energia Costa Azul and Kosmos Energy followed with 2.5 mtpa or 29% of the total volumes each, followed by Qatargas Operating Company and Venture Global LNG with 1 mtpa each.