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QatarEnergy signs 5-year crude supply deal with Shell

PIF will acquire a 25% stake in Alkhorayef Petroleum through capital infusion and subscription to new shares Reuters/Ahmed Jadallah
The average realised prices stood at $51 per barrel for condensate in 2023

State-owned QatarEnergy has signed a five-year crude supply agreement with Shell in Singapore.

The company will supply up to 18 million barrels of Qatar Land and Qatar Marine crude oils each year to Shell International Eastern Trading Company starting in January.

“We are delighted to sign our first-ever five-year crude sales agreement. This agreement further strengthens QatarEnergy’s relationship with Shell,” QatarEnergy CEO Saad Al Kaabi said in a statement.

In April, QatarEnergy agreed with British oil and gas company Shell to acquire a 40 percent working interest in the C-10 block located offshore Mauritania.

Qatar is the world’s largest LNG supplier and plans to expand output to 126 million tonnes annually by 2027 from 77 million tonnes under the two-phase North Field expansion project.

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