By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Newsunplug KenyaNewsunplug KenyaNewsunplug Kenya
  • News
    • Metro
    • Politics
    • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Tech
  • Spotify
Reading: Qatar Announces New Gas Output Boost With Mega Field Expansion
Share
Notification Show More
Font ResizerAa
Newsunplug KenyaNewsunplug Kenya
Font ResizerAa
  • News
  • Entertainment
  • Lifestyle
  • Sports
  • Tech
  • Spotify
  • News
    • Metro
    • Politics
    • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Tech
  • Spotify
Have an existing account? Sign In
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Newsunplug Kenya > Blog > Business > Qatar Announces New Gas Output Boost With Mega Field Expansion
BusinessNews

Qatar Announces New Gas Output Boost With Mega Field Expansion

hallanaija
Last updated: February 25, 2024 3:48 pm
hallanaija
1 year ago
Share
SHARE

Qatar has announced new plans to expand output from the world’s biggest natural gas field, saying it will boost capacity to 142 million tonnes per annum (mtpa) before 2030.

The new North Field expansion, named North Field West, will add a further 16 million tonnes of liquefied natural gas (LNG) per year to existing expansion plans, Qatar’s Energy Minister Saad Sherida al-Kaabi said at a news conference on Sunday.

“Recent studies have shown that the North Field contains huge additional gas quantities estimated at 240 trillion cubic feet, which raises the state of Qatar’s gas reserves from 1,760 [trillion cubic feet] to more than 2,000 trillion cubic feet,” said al-Kaabi, who also heads the state-owned company QatarEnergy.

These results “will enable us to begin developing a new LNG project from the North Field’s western sector with a production capacity of about 16 million tonnes per annum”, he said.

This will bring Qatar’s production capacity to 142 million tonnes once “the new expansion is completed before the end of this decade” – a nearly 85 percent rise from current production levels, al-Kaabi added.

READ MORE  Sudan war death toll surges past 2,000 as fighting enters third month

The QatarEnergy chief said the firm will “immediately commence” with engineering works to ensure the expansion is completed on time.

Qatar is one of the world’s top LNG producers alongside the United States, Australia and Russia.

Asian countries led by China, Japan and South Korea have been the main market for Qatari gas, but demand has also grown from European countries since Russia’s war on Ukraine threw supplies into doubt.

The latest expansion plans follow a flurry of announcements for long-term Qatari gas supply deals.

Earlier this month, Qatar said it would supply 7.5mtpa of LNG for 20 years to India’s Petronet, with the first deliveries expected from May 2028.At the end of January, QatarEnergy announced a deal with US-based Excelerate Energy to supply Bangladesh with 1.5mtpa of LNG for 15 years.

Last year, Qatar signed LNG deals with China’s Sinopec, France’s Total, Britain’s Shell and Italy’s Eni.

Global price collapse

Competition for LNG has ramped up since the start of the war in Ukraine, with Europe, in particular, requiring a large quantity to help replace Russian pipeline gas that used to make up almost 40 percent of the continent’s imports.

READ MORE  Protesters begin to assemble in parts of Nairobi

The Qatari announcement came as the US gas prices trade near an all-time low if adjusted to inflation after a decade of meteoric rises in output which made the US one of the top oil and gas exporters.

Prices of gas in Europe also fell steeply despite a drop in Russian supplies after the US and Qatar helped replace lost volumes.

Despite the price drop, all leading gas producers, including the US, Australia and Russia, want to increase output betting on further demand growth and worries that their gas might not be needed decades from now if the energy transition makes green energy cheaper.

The latest expansion may not be the last for the Gulf energy giant as al-Kaabi said appraisal of Qatari gas reservoirs would continue and production would be further expanded if there is a market need.

On partnerships for the new trains, al-Kaabi said QatarEnergy will go ahead and begin the engineering phase of this project on its own without seeking partners and then take a decision on partnerships later.

The North Field is part of the world’s largest gas field, which Qatar shares with Iran, which calls its share South Pars.

READ MORE  Israel kills over 80 in Gaza including dozens seeking aid
US roller coaster that went viral closes after crack discovered in support pillar
Health CS Susan Nakhumicha sued over junior doctors’ promotions
“Coming from ghetto has not stopped me from rising to be the Second Lady,” Dorcas Gachagua
Raila Calls On Government To Suspend The Finance Bill; Condemns Killing Of Protesters
Former CS Matiang’i to face 2 charges over Karen home raid claims
Share This Article
Facebook Email Print
Previous Article Teachers Service Commission Plans To Export Teachers
Next Article Luyha Is Majority Tribe If Credible Census Is Done – Natembeya
Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

about us

We influence 20 million users and is the number one business and technology news network on the planet.

Recent Posts

  • Former Russian president reminds Trump of Russia’s ‘dead hand’ nuclear strike capability
  • Suspected Arkansas double murd3rer arrested while getting a haircut
  • Paris Jackson and her fiancé end their engagement a week after she was spotted crying in public
  • Singer Justin Timberlake reveals Lyme disease diagnosis
  • Kenya Power warns public against conmen posing as CEO Siror

Recent Comments

No comments to show.
Newsunplug KenyaNewsunplug Kenya
© Newsunplug Kenya. All Rights Reserved.
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?