TotalEnergies has extended its partnership with Oman LNG, in which the company holds a 5.54% stake
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, and in which Oman LNG holds a stake. This brings the site's total production to 11.4 Mtpa.
Through this agreement, TotalEnergies is extending beyond 2024 its interest in Oman LNG, by 10 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 had also signed an agreement with Oman LNG to offtake 0.8 Mtpa of LNG for 10 years from 2025, making the company one of the main offtakers of Oman LNG's production.
"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," said Julien Pouget, senior vice president Middle East & North Africa, Exploration & Production at TotalEnergies.
Oman LNG is one of the largest investment projects in Oman. It 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%). Shell also recently announced the extension of its partnership with Oman LNG.
TotalEnergies is the world’s third largest LNG player with a market share of around 12% and a global portfolio of around 50 Mt/y. It has interests in liquefaction plants in all geographies.