MUSCAT, OCT 8
OQ Trading (OQT), the international trading arm of Oman’s OQ Group, is setting its sights on a significantly larger and more diversified LNG portfolio as it seeks to leverage its Omani supply base and capture opportunities in an increasingly liquid global gas market.
Emmanuël Brasseur, OQT’s incoming Global Head of LNG, said the company sees a portfolio of around 4–5 million tonnes per annum (mtpa) as a potential “sweet spot”, although its strategy will prioritise value, flexibility and diversification rather than volume or market share for their own sake.
In an interview with Platts, part of S&P Global Energy, Brasseur said OQT has been active in LNG for around a decade, establishing a trading platform that provides the foundation for a more ambitious phase of growth.
“There is a lot of experience that has been acquired on the oil business that is transferable to the LNG market,” he said, pointing also to the increasing commoditisation of LNG.
Oman will remain central to this growth strategy. Although OQT operates separately from state-backed producer Oman LNG, it has a four-year agreement to source 750,000 tonnes of LNG annually from Oman LNG’s Qalhat complex. Brasseur described this supply as the “core” around which OQT intends to build its wider portfolio.
OQT would ideally increase its share of Omani LNG offtake over time, he said, including potentially playing a larger role in marketing or monetising additional volumes if Oman LNG proceeds with planned capacity expansion.
At the same time, diversification will be critical. Brasseur envisages supplies potentially being sourced from three or four projects. OQT already has a 15-year agreement for 600,000 tonnes per year from the proposed Amigo LNG project in Mexico, with deliveries targeted from 2028.
The trading company may also consider co-investments in downstream infrastructure, notably floating storage and regasification units (FSRUs), to help create LNG demand in developing markets and supply those markets from its portfolio.
Brasseur nevertheless offered a more nuanced outlook for natural gas following disruptions to LNG movements through the Strait of Hormuz. The resulting supply uncertainty has damaged gas's reputation for reliability, potentially accelerating renewable energy penetration, he said.
The experience could also prompt buyers to place greater emphasis on security and geographical diversification instead of simply securing the cheapest available molecule.
Beyond the present disruption, however, Brasseur expects a substantially deeper and more liquid LNG market as new liquefaction capacity comes onstream globally.
“Accessing supply is not going to be an issue in the coming years,” he said, identifying the bigger opportunity as establishing positions in emerging LNG markets where OQT can add value.
For OQT, that points to a strategy combining its Omani supply anchor with diversified international sourcing, flexible trading and potentially infrastructure-backed demand creation as it scales up its presence in the global LNG business.
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