ADNOC Secures New LNG and Oil Deals with India

Abu Dhabi National Oil Company (Adnac) will supply one million tonnes of liquefied natural gas per year to Indian Oil Corporation (IOC) – the third LNG supply deal it has signed with the UAE firm, the company said on Monday.

According to the Abu Dhabi Media Office, Adnoc would provide 1 million tons of LNG over a 15-year period from its Ruwais LNG plant.

In less than a year, Adnoc and Indian state-owned firms have inked three contracts for LNG supplies. Adnag Gas and IOC inked a deal in July of last year for up to 1.2 million tonnes of LNG exports annually, “worth $7 billion to $9 billion over its 14-year term”.

Separately, 0.5 million tonnes of LNG would be purchased yearly by state-owned gas utility GAIL (India) Ltd from Adnac Gas for ten years beginning in 2026.

The most recent LNG supply agreement was inked when Sheikh Khalid bin Mohammed bin Zayed Al Nahyan, the Abu Dhabi Crown Prince, was in India.

Long-term LNG contracts play an important role in balancing the inherent volatility of the spot LNG market.

Adnoc Gas is the national oil and gas company of the Abu Dhabi government and is the oldest supplier of natural gas from West Asia.

Adnoc and Indian Strategic Petroleum Reserves (ISPRL) inked a contract to investigate the possibility of the UAE company’s involvement in further crude oil storage prospects in India as well as the renewal of their storage and management agreement under mutually agreeable terms and circumstances.

With the signing of the MoU, Adnoc’s 2018 participation in the storage of crude oil in ISPRL’s Mangalore Cavern is expanded.

Urja Bharat

A Production Concession Agreement for Abu Dhabi Onshore Block 1 was signed between IOC and Urja Bharat, a joint venture of Bharat Petro Resources and Adnoc’.

The consortium holds a 100 percent stake in the 6,162 square kilometer block surrounding Ruwais, Adnoc”s integrated refining and petrochemicals hub in Abu Dhabi’s Al Dhafra area, to explore and evaluate oil and gas reserves. The agreement allows Urja Bharat to bring crude oil to India.

Oil Minister Hardeep Singh Puri met Adnoc’Group CEO Sultan Ahmed Al Jaber on the occasion of the Abu Dhabi Crown Prince’s visit, the Embassy of India in the UAE posted on X.

The two discussed and signed key agreements on the ever-growing India-UAE energy partnership.