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The new deal was revealed on Wednesday during TotalEnergies’ strategy and outlook presentation in New York.
Patrick Pouyanne, chairman and CEO, and members of the TotalEnegies executive committee presented during the event.
TotalEnergies did not announce this contract before.
The company signed the LNG supply deal with an undisclosed buyer in India.
According to the presentation, the deal is for 10 years, and TotalEnergies will supply 400,000 tons of LNG per year.
The deal is scheduled to begin in 2026.
Six Asian LNG deals
According to the presentation, this deal is one of six Asian contracts TotalEnergies signed this year for a total volume of 4 Mt/y.
This year, TotalEneries signed LNG supply deals with India’s IOCL for 0.8 Mt/y and also with Korea South-East Power(KOEN) for 0.5 Mt/y.
Moreover, the French firm signed a 16-year deal with Singapore’s Sembcorp for 0.8 Mt/y and it announced a five-year extension of its SPA with CNOOC, for the delivery of 1.25 million tons of LNG per year.
Most recently, TotalEnergies signed a heads of agreement to supply LNG to South Korea’s HD Hyundai Chemical.
Under the deal, TotalEnergies will deliver 200,000 tons of LNG per year for seven years starting from 2027.
$16-18 billion per year
TotaEnergies says it has de-risked its LNG exposure to spot gas prices by signing long-term LNG sales contracts mainly indexed on Brent and by developing its upstream gas production in the US through two “low-cost” acquisitions.
Natural gas is at the core of TotalEnergies’ transition strategy through an “outstanding” LNG growth (+50 percent over 2024-2030) and a gas-to-power integration supporting its integrated power strategy to complement the intermittent renewables, it said.
TotalEnergies expects oil and gas production average growth of 3 percent per year to 2030, led by LNG, thanks to the launch of six major projects in 2024.
The company confirmed net investments between $16-18 billion per year during 2025-2030,
of which around $5 billion will be dedicated to low-carbon energies.