ADNOC’s XRG Signs 10-Year LNG Deal to Supply Up to 4 MTPA to India’s Gujarat Energy

XRG, the international investment arm of ADNOC, has signed a long-term liquefied natural gas sale-and-purchase agreement with India’s Gujarat Energy, the companies confirmed on November 6, 2026. The deal runs through ADNOC’s newly combined global LNG marketing and trading platform, which brings together ADNOC Gas’s and XRG’s LNG marketing desks with ADNOC Trading’s trading capability under one roof.

Under the agreement, Gujarat Energy will take up to 4 million tonnes per year (mtpa) of LNG over a 10-year term, with deliveries scheduled to begin in 2028. It is the fifth long-term LNG supply agreement that ADNOC and XRG have now signed with an Indian buyer, underlining how central the Indian market has become to the platform’s commercial strategy.

A Fifth Indian Contract for ADNOC’s Combined LNG Platform

The Gujarat Energy agreement is the latest in a string of long-term contracts ADNOC and XRG have struck with Indian counterparties, and the companies describe it as their fifth such deal to date. Neither side has disclosed a contract value, and the announcement does not specify whether pricing is fixed, oil-indexed, or tied to a gas benchmark — a point addressed separately below.

What is clear from the announcement is the structure: a 10-year term, a ceiling of 4 mtpa, and a 2028 start date for deliveries, which gives Gujarat Energy roughly two years to prepare receiving and regasification arrangements before the first cargoes arrive. The agreement is being run through ADNOC’s combined global LNG marketing and trading platform rather than through a single business unit, reflecting the restructuring announced when ADNOC Gas’s and XRG’s LNG marketing operations were folded in with ADNOC Trading earlier this year.

Cargoes Sourced From XRG’s International Portfolio, Not Gulf Production

A detail that distinguishes this agreement from ADNOC’s traditional LNG export business is the origin of the gas itself. The cargoes supplied to Gujarat Energy will be sourced from gas production that XRG owns outside the UAE and the wider Gulf region — in other words, from XRG’s international upstream and LNG equity portfolio, rather than from domestic Emirati output such as ADNOC’s Das Island liquefaction facility.

That distinction matters for how the deal should be read. It is not simply another offtake contract for UAE-produced LNG; it is evidence that XRG’s overseas equity stakes in gas and LNG assets are now mature enough to be marketed as dedicated, long-term supply to a named buyer. The combined global marketing and trading platform is the commercial vehicle that aggregates and sells that international volume, alongside whatever Gulf-origin LNG ADNOC continues to market through its own channels.

A Henry Hub Link, According to Natural Gas Intelligence

One outlet, Natural Gas Intelligence, has reported that pricing under the agreement is linked to the US Henry Hub benchmark. That detail has not been independently corroborated by the other outlets covering the signing, so it should be treated as reported by Natural Gas Intelligence specifically rather than as a confirmed term of the contract. If accurate, a Henry Hub linkage would mark a departure from the oil-indexed pricing that has traditionally dominated long-term Asian LNG contracts, and would align this deal more closely with the US-linked pricing structures that have become more common in recent years as buyers seek diversification away from crude-linked formulas.

Part of a Broader Deal Spree Across Asia and the Gulf

The Gujarat Energy agreement does not stand alone. ADNOC’s combined LNG marketing and trading platform has also signed supply agreements this year with Japan’s INPEX and Thailand’s Gulf Group, extending its buyer base beyond India into Northeast and Southeast Asia. Separately, ADNOC Gas signed a five-year agreement to supply up to 1.6 million tons of LNG to TotalEnergies, a deal that sits alongside — but outside — the combined platform’s India-focused contracting.

The Gujarat deal also follows closely on the heels of another major move in XRG’s international build-out: on November 3, 2026, Shell sold its stake in the North West Shelf LNG project in Australia to XRG for $1.45 billion, as The Daily Energy reported at the time. Taken together, the Gujarat Energy contract and the North West Shelf acquisition illustrate the two sides of XRG’s strategy since its 2023/2024 launch as ADNOC’s international investment arm: acquiring equity positions in LNG production and infrastructure abroad, then marketing the resulting volumes to long-term buyers through the combined ADNOC platform.

Why Gujarat Energy and India Matter to the Deal

India has been one of the world’s fastest-growing LNG import markets in recent years, and Indian buyers have increasingly sought long-term supply contracts to reduce their exposure to volatile spot-market pricing — a pattern that is distinct from, and broader than, this specific transaction. Gujarat itself is one of India’s principal LNG demand and import-terminal hubs, home to facilities such as the Dahej and Hazira terminals that feed gas into western India’s industrial and power sectors.

Against that backdrop, a 10-year, up-to-4-mtpa contract gives Gujarat Energy a sizeable, predictable supply line running into the next decade, while giving ADNOC and XRG a long-dated outlet for the international gas volumes they have been assembling through deals such as the North West Shelf stake purchase. For background on how LNG supply chains and contracting work more broadly, readers can also consult The Daily Energy’s explainer on what LNG is and how it moves from producer to buyer.

The agreement also arrives as ADNOC continues to expand its own upstream gas base at home: the company took a final investment decision on the Ruwais Diyab unconventional gas project earlier this year, part of a parallel effort to grow domestic gas production even as XRG builds out an entirely separate, internationally sourced LNG supply business. For readers tracking how Gulf LNG suppliers compare, The Daily Energy has also examined who buys Qatar’s LNG, the region’s other major exporter.

Sources

• The National, “Adnoc signs new agreement to supply LNG to India’s Gujarat Energy,” November 6, 2026 — source for the deal announcement, the 4 mtpa volume, the 10-year term and the 2028 start date. thenationalnews.com
• LNG Industry, “ADNOC signs LNG supply agreement with Gujarat Energy,” November 6, 2026 — source for confirmation of the agreement and the combined global LNG marketing and trading platform structure. lngindustry.com
• Gulf Business, “ADNOC signs 10-year LNG supply deal with India’s Gujarat Energy,” November 6, 2026 — source for the 10-year term and the deal’s status as the fifth Indian agreement. gulfbusiness.com
• Natural Gas Intelligence, “ADNOC Announces Another SPA in Deal Spree Aimed at Building Global Natural Gas Business” — source for the Henry Hub pricing detail (flagged above as reported by this outlet specifically) and for context on the INPEX, Gulf Group and TotalEnergies agreements. naturalgasintel.com

Illustrative image. Photo: Gordon Leggett, CC BY-SA 4.0, via Wikimedia Commons — source