Santos Secures LNG Supply Deal with QatarEnergy for 1 Million Tons by 2028

Australian oil and gas company Santos has signed a liquefied natural gas (LNG) supply agreement with QatarEnergy Trading, the LNG trading division of QatarEnergy. Starting in 2026, the deal will deliver 50 million tons annually (mtpa) of LNG over two years on a delivered ex-ship (DES) basis from Santos’ portfolio.

Kevin Gallagher, Managing Director and CEO of Santos, stated, “This agreement strengthens our ability to leverage a flexible LNG portfolio to deliver exceptional outcomes for Santos and its customers. It complements our recently signed mid- and long-term LNG sales agreements, highlighting the strength of our LNG portfolio and robust client relationships in the region.”

Gallagher emphasized strong demand across Asia for high-calorific-value LNG from the Barossa and PNG LNG projects, underlining Santos’ commitment to supporting energy security and emissions reduction strategies for its key customers.

The deal marks an extension of the existing partnership between Santos and QatarEnergy, leveraging both companies' expertise in the Asian LNG market.

Santos also revealed that approximately 90% of its LNG portfolio for 2025–2029 is contracted, with an average of 85% linked to oil prices.

In other developments, Santos is in negotiations with Middle Eastern energy giant ADNOC and its consortium partners regarding a potential acquisition. Meanwhile, the company has taken delivery of the FPSO BW Opal, which will support its Barossa LNG project.