Total dominated long-term LNG import contract volumes signed by key purchasing companies in 2020.
The French energy major purchased almost 38% of global contracted capacity, according to data and analytics company GlobalData.
GlobalData’s report, ‘Global Long-Term LNG Contracts Review, 2020’, revealed that Total signed 3.2 mill tonnes per annum of long-term LNG contracted capacity last year.
BP followed with a share of 22% or 2.5 mill tonnes. Eni accounted for 18% or 1.5 mill tonnes per annum of the total LNG contracted capacity in 2020.
Amareswari Kanaparthi, GlobalData’s Oil and Gas Analyst, explained: “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 1Q20. 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 the selling companies, Kosmos Energy signed the biggest long-term LNG contract for 2020 with BP to supply 2.5 mill tonnes per annum of LNG for seven years from 2023 to 2030. The LNG will come from Mauritania’s Tortue Floating I liquefaction terminal.
Nigeria LNG signed the highest long-term LNG contract volumes with 4 mill tonnes or 47% of the total volumes in 2020. Energia Costa Azul and Kosmos Energy followed with 2.5 mill or 29% of the total volumes each, followed by Qatargas Operating Co and Venture Global LNG each negotiating 1 mill tonnes per annum.