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QatarEnergy Signs LNG Sale, Purchase Agreement with Kuwait Petroleum Corp.
The agreement builds on a previous long-term LNG sale and purchase agreement (SPA), aiding bilateral trade between the states of Qatar and Kuwait.
QatarEnergy signed a 15-year LNG SPA with Kuwait Petroleum Corp. (KPC) for the supply of up to 3 MTPA of LNG to the State of Kuwait. The specified LNG volumes will be delivered, starting in January 2025, via ship to Kuwait’s Al-Zour LNG terminal. LNG will be transported onboard QatarEnergy’s conventional Q-Flex and Q-Max LNG vessels.
“I am pleased to be in Kuwait and to build a new long-term partnership between KPC and QatarEnergy that constitutes a central element in supporting Kuwait’s sustainability goals, particularly in the electricity generation sector,” said Saad Sherida Al-Kaabi, President and CEO of QatarEnergy. “It also reflects our commitment to support the future needs of all our clients, foremost of which is KPC.”
The SPA was signed during a ceremony in Kuwait City and is the second long-term LNG SPA between the companies. This continued collaboration aids bilateral trade between the State of Qatar and the State of Kuwait.
More QatarEnergy News
In May 2024, QatarEnergy, TotalEnergies, Petronas, Petrogal Brazil, and Petrobras took the final investment decision in the second development phase of the Sépia field located off the coast of Brazil in the pre-salt Santos Basin. The contract signed with Seatrium O&G Americas Ltd. is to construct an FPSO unit to operate in the Sépia field’s deep waters with a crude oil production capacity of 225,000 oil barrels per day and a gas-processing capacity of 10 million cubic meters per day.
Seatrium’s FPSO is slated to reduce greenhouse gas (GHG) emission intensity by 30% per barrel of oil equivalent. GHG emission intensity will be reduced by the FPSO’s all-electric configuration and processing plant optimizations to increase energy efficiency.
Also in May, QatarEnergy signed a joint venture agreement with ExxonMobil to purchase a 40% participating interest in two offshore exploration blocks near Egypt. The 40% interest acquisition applies to the Cairo and Masry offshore concession agreements, and the operator, ExxonMobil, will maintain a 60% working interest. These offshore exploration blocks were awarded to ExxonMobil in January 2023, spanning an approximate area of 11,400 square km in depths of 2,000 to 3,000 meters.
And, in February, QatarEnergy announced that work is underway at a new LNG expansion project, North Field West, to increase Qatar’s LNG production capacity to 142 MTPA before the end of 2030. This production increase is approximately 85% higher than current Qatari production levels.
