Qatar announces huge increase in North Field gas reserves
17/03/24
Qatar Energy has announced a new LNG expansion project, which will increase production capacity to 142 million tons per annum (MTPA).
Termed as the ‘North Field West’ project, completion is scheduled before the end of this decade and is expected to represent an increase of almost 85% against current production levels.
Extensive appraisal drilling and testing have confirmed that productive layers of Qatar’s giant North Field extend towards the west. The new North West Field is estimated to hold approximately 240 trillion cubic feet, which raises the state of Qatar’s gas reserves from 1,760 to over 2,000 trillion cubic feet. Moreover the new find will enable a production capacity of about 16 MTPA. With the completion of this project, the State of Qatar’s total hydrocarbon production will exceed 7.25 million barrels of oil equivalent per day.
Qatar Energy will immediately commence basic engineering works to ensure planned progress is achieved for this new project. Upon completion, the State of Qatar’s total hydrocarbon production will exceed 7.25 million barrels of oil equivalent per day.
The expansion plans follow several recent announcements for long term gas supply deals. Recently, Qatar said it would supply 7.5mtpa of LNG for 20 years to India’s Petronet, with the first deliveries expected from May 2028. Furthermore at the end of January, Qatar Energy announced a deal with US based Excelerate Energy to supply Bangladesh with 1.5mtpa of LNG for 15 years. Additionally, over the past year, Qatar signed LNG deals with China’s Sinopec, France’s Total, Britain’s Shell and Italy’s Eni.
Business Start Up Qatar offers a network of experts and specialists within the lifecycle of a business. We can offer expertise in Market Research and Assessment Qatar, Qatar Business Case, Qatar Business Model Development, Feasibility Study and Business Plan Qatar, Organizational and Operational Structuring Qatar, Qatar Sponsorship and Partnership, Company Formation Qatar among others.
Please click on the link to learn more about opportunities and possibilities in the State of Qatar as well as the initiatives of Business Start Up Qatar.
