Qatar`s QAR 65.5b North Field Expansion Targets Dominance
01/09/24
Qatar Energy is advancing its strategic position in the global natural gas market by prioritising its North Field West expansion project. The significant development, poised to enhance Qatar’s status as a leading liquefied natural gas (LNG) exporter, involves the rollout of a number of engineering, procurement and construction (EPC) contracts. As a result, the project is expected to generate greenfield investments totaling between QAR 61.9 billion (USD 17 billion) and QAR 65.5 billion (USD 18 billion).
Consequently, as the expansion project proceeds, Qatar Energy will increase the number of new tenders for contracts. This provides unprecedented opportuities for both existing businesses in the State or companies wishing to establish themselves in the Qatari market.
Most importantly, the expansion is set to augment Qatar's LNG production by an additional 16 million tonnes per year, it was announced during a recent press conference. The North Field, along with the extended South Pars field in the Persian Gulf, represents the world's largest non-associated natural gas fields, jointly operated by Qatar and Iran.
The expansion is critical to Qatar maintaining its competitive edge in the LNG market. Recent evaluations suggest the North Field harbors significant untapped gas reserves, estimated to be 240 trillion cubic feet. This discovery increases Qatars total reserves to over 2,000 trillion cubic feet.
The upcoming LNG project from the western sector of the North Field will have an annual production capacity of approximately 16 million tonnes. Upon completion, Qatar’s LNG production capacity will see an impressive increase of nearly 85%, totalling 142 million tonnes annually.
Qatar is one of the world’s leading LNG producers, alongside the United States, Australia and Russia. Traditionally, Asian countries including China, Japan and South Korea have been the main markets for Qatari gas. However, demand has recently surged from European countries seeking stable and affordable energy supplies.
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