Oman's gas company Oman LNG has signed agreements to extend supplies of LNG to its shareholders for up to 10 years, from 2024 until 2034. The shareholders include the UK’s Shell, France’s TotalEnergies, Japan’s Mitsui, Mitsubishi and Itochu, Korea LNG and Thailand’s PTT Exploration and Production. Agreements were also signed with shareholders of Qalhat LNG, which merged with Oman LNG ten years ago.
Oman LNG will supply about 7 Mt/year of LNG to these companies for 10 years. Based on previously signed term sheets, Shell International Trading Middle East FZE will purchase up to 1.6 Mt/year of LNG from Oman LNG from 2025 to 2034, making Shell the largest LNG off-taker from the Omani company.
Oman LNG is 51% owned by the Omani government, with 30% held by Shell, 5.54% by TotalEnergies, 5% by Korea LNG, 2.77% each by Japan’s Mitsubishi Corporation and Mitsui, 2% by Thailand’s PTTEP and 0.92% by Itochu Corporation.
In 2021, Oman produced and exported nearly 13.8 bcm (10.7 Mt) of LNG.