Oil & Gas

The United Arab Emirates took the lead in the top 5 liquefied natural gas (LNG) deals in March 2024, with strong competition from Arab countries such as Iraq and Qatar.

LNG remains a crucial energy source, known for its safety, reliability, and cleanliness, making it a key component in many countries' transition to carbon neutrality by 2050.

In a report by the Washington-based Specialized Energy Platform, the top 5 LNG deals in March highlighted significant gas projects in the UAE, Qatar, and Iraq.

The UAE-Germany deal, signed by ADNOC with Sivvi, stood out as the top deal. This agreement, part of ADNOC's LNG trade expansion plans, involves supplying up to one million tonnes of LNG annually for 15 years starting in 2028. The Ruwais low-emission project will support this deal, utilizing clean electricity and advanced AI technologies.

Another significant development was the consortium led by Technip Energies, JGC from Japan, and a local petroleum construction company, collaborating on the Ruwais LNG project's engineering and procurement phase. This project aims to increase capacity to 15 million metric tons per year, with a focus on environmental sustainability.

Qatar Energy's leasing of 19 LNG carriers from Asia to enhance its LNG cargo traffic also made headlines, as it prepares for a significant increase in production capacity from 77 million to 142 million tonnes per annum.

Iraq's deal with Iran to supply gas for power stations, providing 50 million cubic meters per day for 5 years, addressed Iraq's power outage crisis, especially during the summer months.

Finally, Bangladesh's deal with Gunvor Singapore for 24 LNG cargoes over 2024 and 2025 marked a unique development, as Bangladesh traditionally relied on long-term contracts, particularly with Qatar and Oman.

These deals underscore the dynamic nature of the LNG market and its critical role in shaping the global energy landscape.