Adnoc Gas, a subsidiary of the Abu Dhabi National Oil Company, has signed a three-year liquefied natural gas supply deal with French energy giant TotalEnergies, with exports likely to begin later this year.

Adnoc confirmed the development and said the “value of the agreement is expected to be in the range of $1 billion to $1.2 billion under current market conditions”.

“Under the terms of the agreement, through its subsidiary, Adnoc Gas will supply TotalEnergies LNG, which will be delivered to various export markets around the world,” Adnoc said.