India's Petronet LNG to get 500,000 t of LNG from Exxon in 2026 under new deal
India's top gas importer Petronet LNG will receive 500,000 tons (t) of liquefied natural gas (LNG) in 2026 in its 1.2-MMtpy supply deal with ExxonMobil from Australia's Gorgon project, its managing director said on Friday.
Petronet already imports 1.42 MMtpy of LNG from the Gorgon project, in which ExxonMobil has a stake, under a separate long-term contract with the U.S. oil major.
The first cargo under the new 15-yr deal, which was agreed in 2017, is expected to arrive between March and April next year, Managing Director A.K. Singh told a press conference.
ExxonMobil will deliver about eight cargoes to Petronet in 2026, Singh said. The volumes will gradually increase over three years to 20 cargoes annually, equivalent to 1.2 MMtpy, he said.
Singh said global LNG prices could hover around $11–$12 per million British thermal units (MMBtu) if the winter is severe, but expects prices to soften in 2026 as more supply comes online globally.
Indian companies are investing in their gas infrastructure as the country aims to raise the share of natural gas in its energy mix to 15% by 2030 from the current 6.2%.
Petronet plans to complete the expansion of its Dahej LNG import terminal in western India to 22.5 MMtpy by March 2026, Singh said.
It also operates a 5-MMtpy LNG terminal at Kochi in southern India and is building a new 4-MMtpy plant at Gopalpur in easter Odisha state.
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