Energy

TotalEnergies, Oman LNG Sign Pact To Extend Partnership

TotalEnergies has signed an amendment to extend its partnership with Oman LNG, an Omani liquefied natural gas (LNG) joint venture in which the Company holds a 5.54% stake.

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Located on the northeast coast of Oman, the Oman LNG liquefaction complex comprises two liquefaction trains, each with a capacity of 3.8 million metric tons of LNG per year (Mtpa).

It is adjacent to the Qalhat LNG project, comprising one 3.8 Mtpa train, in which Oman LNG holds a stake. This brings the site’s total production to 11.4 Mtpa.

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Through this agreement, TotalEnergies is extending beyond 2024 its interest in Oman LNG, by ten years, and in Qalhat LNG, by five years. The parties agreed to finance investments to reduce the plant’s GHG emissions during this extension.

In January 2023, TotalEnergies also signed an agreement with Oman LNG to offtake 0.8 Mtpa of LNG for ten years from 2025, making the Company one of the main off-takers of Oman LNG’s production.

Senior Vice President of Middle East & North Africa, Exploration & Production at TotalEnergies, Julien Pouget said, “we are pleased to extend our partnership with Oman LNG. This LNG contributes to our supply of Europe and Asian markets, and strengthens our integrated and flexible global portfolio, in line with TotalEnergies’ ambition to increase its LNG production and long-term purchases by 50% by 2030”.

Oman LNG is majority-owned by the Government of the Sultanate of Oman (51%), the other shareholders being Shell (30%), TotalEnergies (5.54%), Korea LNG (5%), PTTEP (2%), Mitsubishi (2.77%), Mitsui (2.77%) and Itochu (0.9%). Qalhat LNG is also majority-owned by the Government of Oman (46.84%), Oman LNG (36.8%), Naturgy (7.36%), Itochu (3%), Mitsubishi (3%) and Osaka Gas (3%). TotalEnergies therefore holds an indirect interest in Qalhat LNG (2.04%) through its stake in Oman LNG.

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