May 21, 2024
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OIL & GAS

Qatar Secures Long-Term LNG Contracts, Plans for Further Expansion

During an economic forum on Wednesday, QatarEnergy CEO and state minister for energy Saad al-Kaabi reassured that Qatar has not encountered difficulties in securing long-term liquefied natural gas (LNG) contracts and anticipates signing more contracts this year.

Kaabi disclosed, “We’ve actually secured 25 million tons of long-term LNG sales in the last 12 months, and I can tell you also on this podium that we’re signing more this year.”

QatarEnergy, a state-owned entity, has been finalizing supply agreements with European and Asian partners for gas expected to be produced from its extensive North Field expansion project.

The North Field is part of the world’s largest natural gas field, which Qatar shares with Iran (referred to as South Pars by Iran).

As one of the largest LNG exporters globally, Qatar announced an additional expansion of its LNG production in February. This expansion will augment its original plans by adding 16 million metric tons per year, increasing total capacity from 77 million tons per year to 142 million.

Kaabi expressed optimism about the future demand for LNG and emphasized Qatar’s commitment to continually evaluate its gas reservoirs for potential future growth.

He stated, “We are very bullish on demand going forward,” highlighting Qatar’s readiness to respond to market dynamics.

Kaabi reiterated Qatar’s willingness to expand production further if technical assessments indicate feasibility. “If there is more, we probably will do more,” he affirmed.

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