Oman’s liquefied natural gas (LNG) company Oman LNG has announced a major deal with bp, selling approximately 1 million tons per year (mtpa) of LNG for nine years starting in 2026.

“The importance of this agreement is to create new opportunities to renew the Sultanate of Oman’s presence on the global energy trade map, noting that the agreement will contribute to increasing LNG revenues, supplying the national economy, and raising the gross domestic product,” said CEO of Oman LNG Hamed Al-Naumani.

This is not the first partnership agreement signed by Oman LNG in recent months. In August, the company signed a deal with the German company Securing Energy for Europe to supply 0.4 mtpa of LNG. This four-year contract, set to begin in 2026, is part of the company’s strategy to tap into new opportunities in the European energy markets.

Oman LNG has also signed agreements with France’s TotalEnergies and Thailand’s Petroleum Authority of Thailand. The deal with TotalEnergies will see the company receive 800,000 tons of LNG annually for 10 years starting in 2025, while the agreement with PTT is for a nine-year contract starting in 2026.

Oman has emerged as a major player in the global LNG market, with an operational capacity of 10.4 mtpa as of April 2023, according to the International Gas Union’s World LNG Report.

The country’s unique geographic position allows for easy transportation and delivery of LNG to various locations, contributing to the annual increase of 11.3% in LNG exports in 2022.