Qatar revises upwards its LNG production

By:Mohamed Ben Abderrazek

The upward revision announced Sunday by Qatar Energy of its LNG production target of 13% by 2030 would make Qatar the second largest producer in the world after the U.S., an analyst stated Monday, February 26, 2024.

Nevertheless, most of the expansions already reported in Qatar had not yet seen buyers, in addition to the new capacity announced yesterday, said Anne-Sophie Corbeau, a researcher at the Center on Global Energy Policy at Columbia University, on social networks.

“This problem will likely be partly fixed by finding new partners,” she adds.

The national oil company, Qatar Energy, the world’s largest exporter of refrigerated fuel, disclosed on Sunday that it would produce 142 million tonnes per year (Mtpa), or 194 billion cubic meters (Gm3) per year, which would allow it to overtake Australia, currently the second largest exporter of LNG.

Qatar’s total production is predicted to increase by almost 85% by the end of the decade from current production levels of 77 Mt, thanks to the discovery of vast new gas reserves.

In light of these forecasts, the analyst expressed that the global “supply-demand gap” would narrow further by 2030, when global LNG capacity would reach “just over 300 bcm “.

Yet energy giant Shell evaluated last month that global LNG demand could grow by 50% by 2040 to 625 to 685 Mt, up from 404 Mt in 2023, thanks to the shift from coal to gas. in Chinese industry and more robust economic growth in Asia.

Qatar Energy’s announcement coincides with the United States’ recent decision to “pause” approval of LNG projects after 2028, which some say could allow Qatar to increase its market share.