Global energy major Shell has signed an agreement to extend its partnership with Oman LNG beyond 2024 as the demand for natural gas continues to grow amid green transition efforts.
As per the amended agreement, Shell Gas, a unit of Shell, will remain the largest private shareholder in Oman LNG, with a 30 per cent shareholding, and continue its role as technical adviser, the company said in a statement on Monday.
Oman LNG also signed various agreements to secure its gas supply until 2034.
Shell International Trading Middle East will also purchase up to 1.6 million tonnes per annum of LNG from Oman LNG from 2025 to 2034, making Shell the largest LNG off-taker from Oman LNG, the statement added.
“We believe liquefied natural gas’s role in the energy system will continue to grow and this milestone further demonstrates our commitment to our integrated gas business and to Oman as a key heartland to Shell,” said Zoe Yujnovich, Shell’s integrated gas and upstream director.
Natural gas, which emits 50 per cent less carbon dioxide than coal, is considered a key fuel as the world focuses on cutting emissions.
Competition for LNG increased after Russia's invasion of Ukraine last year, with Europe importing record volumes of the supercooled fuel to replace Moscow's gas supplies.
Global LNG trade hit a high of $450 billion in 2022 amid a surge in European demand, according to the International Energy Agency.
Shell also holds interests in Petroleum Development Oman, with a 34 per cent stake, and Shell Oman Marketing Company, with a 49 per cent stake. In January, Shell started producing gas from Mabrouk Field in Block 10, in which Shell holds 53.45 per cent interest.
Established by royal decree in 1994 after the discovery in the early 1990s of significant volumes of gas in the Sultanate, Oman LNG operates a "three-train plant" with a production capacity of 11.4 million tonnes of LNG a year.
in August, Oman LNG signed an agreement with Germany's Securing Energy for Europe to supply 400,000 tonnes of LNG a year, starting in 2026.
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
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KILLING OF QASSEM SULEIMANI
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UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
Benefits of first-time home buyers' scheme
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Company Profile
Company name: Yeepeey
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Industry: E-grocery
Initial investment: $150,000
Future plan: Raise $1.5m and enter Saudi Arabia next year
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Reputation
Taylor Swift
(Big Machine Records)
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Engine 3.0L V6 turbo
Gearbox Eight-speed automatic
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Torque 500Nm @ 1,370rpm
Fuel economy, combined 7.5L / 100km
Ireland v Denmark: The last two years
Denmark 1-1 Ireland
7/06/19, Euro 2020 qualifier
Denmark 0-0 Ireland
19/11/2018, Nations League
Ireland 0-0 Denmark
13/10/2018, Nations League
Ireland 1 Denmark 5
14/11/2017, World Cup qualifier
Denmark 0-0 Ireland
11/11/2017, World Cup qualifier
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India squad for fourth and fifth Tests
Kohli (c), Dhawan, Rahul, Shaw, Pujara, Rahane (vc), Karun, Karthik (wk), Pant (wk), Ashwin, Jadeja, Pandya, Ishant, Shami, Umesh, Bumrah, Thakur, Vihari
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Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
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On sale: from January 2022
Global state-owned investor ranking by size
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United States
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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