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Friday, August 6, 2021

QP to set out LNG expansion ‘within a year’: reports

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Qatar Petroleum (QP) has planned to announce details of the second phase of it North Field South LNG project within a year. 

Qatar Petroleum will detail plans on its next liquified natural gas (LNG) expansion, which will include two new LNG processing plants, by the end of this year or the beginning of 2022, a Reuters report said.

QP CEO Saad al-Kaabi confirmed this to the CERAWeek by IHS Markit conference, where he also outlined potential partners for the state-run company.

“We look for Exxon definitely to be one of our partners going forward,” said Kaabi, referring to American multinational oil and gas corporation Exxon Mobil.

Read also: QP, Samsung sign major $1.9 billion LNG deal

The second phase of the project is set to increase its LNG capacity from 110 million metric tonnes per year [mmtpy] to 126 mmtpy.

In February, QP signed a contract for the first phase of its North Field LNG project expansion, the largest single LNG project ever to be sanctioned.

According to Kaabi, the global demand for gas is expected to be higher than anticipated in the coming decades, justifying the need for Qatar’s increase in LNG output.
On Tuesday, QP signed a $1.9 billion-worth contract with Samsung C&T Corporation to expand the LNG storage and loading facilities at its North Field East Project.
The sanction of the $28.7 billion North Field Expansion project puts Qatar on track to return as the world’s largest LNG producer by 2030.

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