Saturday, Aug 13, 2022
International Finance
Oil & Gas

Qatar plans LNG output increase by 64% to 126 MT by 2027

Qatar LNG output
Competition will rise between oil majors seeking to buy a stake in Qatar’s LNG facilities

Qatar plans to increase LNG output by 64 percent to 126 million tonnes per year by 2027, the local media reported. Increase in Qatar’s LNG output will boost competition between all oil majors seeking to secure a stake in the country’s oil and gas expansion plans. 

The expansion of the country’s LNG facilities will create the world’s largest natural gas field. Qatar shares North Field with Iran. The country’s increase in LNG output comes after the drilling work in the expanded North Field mega project. Chief Executive of Qatar Petroleum Saad Al Kaabi, told the local media that, “I am pleased to announce that our appraisal efforts have borne fruit, and that we have confirmation that the productive layers of the North Field extend well into Qatari land in Ras Laffan.” 

Multiple studies and tests in recent months have confirmed the possibility of producing large quantities of gas from the North Field. This means the crew will be able to immediately commence the engineering work for two additional LNG mega projects. These projects will have a combined capacity of 16 million tonnes per annum.

The anticipated increase in Qatar’s LNG output is from 77 million tonnes to 126 million tonnes per annum by 2027. Overall, that would increase the country’s LNG output to 6.7 million barrels of oil equivalent per day from 4.8 in the next eight years. 

Besides Qatar, the forecast for LNG output growth is in South and Southeast Asia, the local media reported. Also, Australia might beat Qatar in its top position as the world’s largest LNG producer this year. 

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