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Buyers Scramble To Lock In Long Term LNG Contracts In 2022
According to an Oil & Gas Journal report, 10-year LNG contracts are currently priced at ~75% above 2021's rates, with tight supplies expected to persist as Europe aims to boost LNG imports.
Meanwhile, volatile spot prices and a worsening supply outlook have triggered a rush by importers to negotiate long-term deals as they attempt to lock in prices.
Last year, the volume of long-term LNG contracts signed to end-user markets climbed to a 5-year high, and the momentum is showing no signs of abating in the current year. So far this year, more than 10 million tonnes/year (tpy) of LNG has been signed to end-market users, according to a report by Wood Mackenzie.
For instance, Louisiana-based LNG company Sempra Infrastructure, a majority-owned subsidiary of Sempra Energy, has just inked its sixth long-term contract in five months. The deal calls for Sempra Infrastructure's Cameron LNG in Hackberry to supply 2 million metric tons of LNG annually to the Polish Oil & Gas Co. Sempra Infrastructure struck another 2 million-ton deal with Polish for its upcoming Port Arthur LNG facility in Port Arthur, Texas.