Multinational oil and gas firm Shell “dominated” global long-term LNG import contract volumes signed by key purchasing companies in 2022, with a contracted capacity of 6.7 million tonnes per annum (mtpa).
That’s according to new research published by data and analytics company GlobalData that highlights Shell’s 2.6 mtpa deal with Mexico Pacific Ltd as its biggest long-term contract of 2022.
ENN Group ranked second in GlobalData’s findings, with contracts for a capacity of 3.3 mtpa secured in 2022.
Chevron and ExxonMobil signed contracts to import 3.0 mtpa of LNG each.
Himani Pandey, Oil and Gas Analyst at GlobalData, said the signing of long-term contracts helps companies to hedge against volatile LNG prices and ensures guaranteed supply.
Among the seller companies, Venture Global LNG signed the highest long-term LNG contract volumes with a total of 11.0 mtpa. Energy Transfer Partners LP and NextDecade Corporation follow with 7.9 mtpa and 6.3 mtpa, respectively.
Pandey added, “Energy companies are bullish about long-term LNG demand due to decarbonisation efforts and the role of natural gas as a bridge fuel for the energy transition.”
GlobalData published these findings in its Long-Term LNG Contracts Review Analytics by Region, Contracts and Companies 2022.
The data, published today (11th Jan), follows a report from energy consultancy Wood Mackenzie that predicts North American LNG exports will triple the region’s current natural gas market over the next decade.
The key exporting countries associated with long-term LNG contracts are the US, Mexico, and Russia. The US leads in terms of LNG export contract volumes signed in 2022. US exports alone are approximatley double combined exports from Mexico and Russia.