The ADNOC LNG deal with Gujarat Energy is small in volume. Even so, it marks how India now wants to buy gas. On 6 November 2026, ADNOC signed a 10-year sales and purchase agreement. It will supply up to 4mn tonnes of LNG from 2028.
This analysis looks at the pricing and the portfolio behind the ADNOC LNG deal. It also asks why the buyer signed while spot cargoes remain expensive.
What the ADNOC LNG deal actually delivers
The contract is a cap, not a fixed annual volume. Up to 4mn tonnes over 10 years averages as much as 0.4 mtpa, on our calculation. The Hindu BusinessLine said a Gujarat Energy stock-exchange filing links the pricing to the Henry Hub index.
That is ADNOC’s fifth LNG supply agreement in India. Earlier, in January 2026, ADNOC Gas agreed to supply 0.5 mtpa to Hindustan Petroleum Corporation for 10 years. In addition, The National valued that contract at $2.5bn to $3bn.
Gujarat Energy, formerly Gujarat Gas, runs a city-gas network across 44 districts in 6 states. It also has regasification infrastructure and a growing trading business.
Why Henry Hub pricing matters now
Above all, Asian spot LNG still sits near a four-year high. The average price for December 2026 delivery was $31.40/MMBtu in the week to 6 November 2026, Pipeline & Gas Journal reported. By contrast, Henry Hub rose only to $3.0/MMBtu, from $2.9, in the same week.
We do not know the slope or the fee in the Gujarat contract. Even so, a Henry Hub link usually tracks US gas, not JKM or oil. For an Indian city-gas buyer, that is the point. Term volumes at a US-linked formula offer a hedge against a spot market that is still near $31/MMBtu.
What the ADNOC LNG deal says about XRG
Importantly, WAM said the cargoes will come from XRG-owned supply produced outside the Gulf. It is the first sale of molecules from XRG’s international portfolio. That matters after months of disruption to shipping through the Strait of Hormuz.
The deal runs through ADNOC’s global LNG marketing and trading platform. That platform opened in Abu Dhabi Global Market in July 2026. It targets 47 mtpa of marketable LNG beyond 2030. So far it has signed supply deals with INPEX in Japan. In addition, it has signed with Gulf Group in Thailand, and now Gujarat Energy in India.
Meanwhile, XRG keeps adding non-Gulf supply. On 3 November 2026, Shell agreed to sell XRG its 16.67% stake in Australia’s North West Shelf LNG. The base price is $1.45bn. Similarly, that portfolio approach mirrors the strategy in our analysis of the TotalEnergies LNG portfolio and its ADNOC Gas deals.
What to watch for the ADNOC LNG deal
- Which XRG assets actually supply the cargoes from 2028.
- Further Henry Hub-linked contracts with other Indian city-gas firms before first deliveries.
- The 47 mtpa platform target, and how much of it is already committed.
Sources
- Emirates News Agency (WAM), ADNOC signs agreement to supply India’s Gujarat Energy up to 4 million tonnes of LNG, 6 November 2026: wam.ae
- The Hindu BusinessLine, Gujarat Energy signs 10-yr LNG deal with ADNOC for up to 4 million tonnes, 6 November 2026: thehindubusinessline.com
- The National, Adnoc signs new agreement to supply LNG to India’s Gujarat Energy, 6 November 2026: thenationalnews.com
- World Oil, Shell to sell North West Shelf LNG stake to ADNOC’s XRG for $1.45 billion, 3 November 2026: worldoil.com
- Pipeline & Gas Journal, Asian spot LNG prices ease but remain near four-year high as Europe competes for winter supply, November 2026: pgjonline.com
- Global LNG Hub (JOGMEC data), Natural gas prices weekly update – JKM, TTF and Henry Hub, 9 November 2026: globallnghub.com
