Repsol signs a multiyear LNG supply agreement with Qatargas
- The new LNG supply from Qatar strengthens Repsol’s position in the Canadian and Northeast US markets.
- Repsol has the ability to supply over 1 bcf (28 Mm3) per day of natural gas into the Northeast USA and Eastern Canada markets via the Canaport™ LNG facility.
- The new multiyear LNG supply agreement further enhances Repsol’s supply portfolio as a reliable and diversified supplier to the US markets.
- Repsol has delivered over 100 bcf of natural gas to Northeast US since Canaport LNG opened.
Repsol and Qatargas today signed a multiyear LNG agreement under which Qatargas will supply LNG to Repsol Energy Canada Ltd. at the Canaport™ LNG facility in Saint John, New Brunswick (“Canaport LNG”).
"The new LNG supply from Qatar strengthens Repsol’s position in the Canadian and Northeast US markets as a reliable, diversified, flexible supplier of natural gas,” said Benjamin Palomo, Executive Director of LNG for Repsol. This new agreement will allow Qatargas to deliver LNG to Canaport LNG using both Q-Flex and Q-Max ships. The Q-Max and Q-Flex vessels are the largest LNG tankers in the world with capacity to carry the equivalent of approximately 5.6 and 4.6 billion cubic feet of natural gas, respectively.
Qatar, the worlds’ leading exporter of LNG, has the third-largest oil and gas reserves in the world (about 14% of the world total) with proven oil reserves of approximately 15 billion barrels and over 900 trillion cubic feet of proven natural gas reserves
Canaport LNG was opened in June of 2009 as the first land-based LNG receiving and regasification facility to be built in over 30 years on North America’s Atlantic coast. Repsol has delivered over 100 bcf of natural gas to Northeast US since Canaport LNG opened. Repsol has leased 100% of the capacity at Canaport LNG. The new multiyear LNG supply agreement with Qatargas further enhances Repsol’s supply portfolio and its ability to provide more secure supplies of natural gas to Eastern Canada and the Northeast USA markets.
“Repsol has become a major player in the Eastern Canada and Northeast USA natural gas markets. Currently, natural gas supplies 75% of the electric generation market in Northeast USA and continues to increase its share in the home heating market. Repsol has the ability to supply over 1 bcf per day of natural gas into the Northeast USA and Eastern Canada markets via the Canaport™ LNG facility.” said Phil Ribbeck, President of Repsol Energy North America Corporation.
The signing ceremony was held at Qatargas’ headquarters in Doha, Qatar.
Repsol is a fully integrated oil and gas company, operating in over 30 countries. It is one of the ten largest private oil companies in the world and one of the world’s largest LNG players. Repsol is the managing general partner in Canaport™ LNG Limited Partnership, the entity that owns and operates Canaport LNG. Repsol has contracted for 100% of the capacity in Canaport LNG. To learn more about Repsol in North America or Repsol international, please visit www.repsol.com or www.repsolenergy.com
Qatargas pioneered the liquefied natural gas (LNG) industry in Qatar. Today, the Company is realizing its vision to deliver LNG to customers around the globe from its world-class facilities in Qatar.
Qatargas was established in 1984 and since that time the Company has progressively established itself as a leading player in the LNG industry.
Today Qatargas is exporting 26 mta of LNG from the five LNG trains. Qatargas’ customers are now spread throughout the world including Japan, Spain, the United Kingdom, Canada and China.
Currently, the Company is undergoing a period of rapid expansion, which when completed at the end of this year will see Qatargas exporting 42 mta of LNG to markets in Europe, Asia and North America.