The general growth of North Field from 77mtpa at present to 142mtpa by 2030 represents an 85 % enhance in manufacturing.
Qatar has introduced new plans to increase output from the world’s largest pure fuel area, saying it can increase capability to 142 million tonnes every year (mtpa) earlier than 2030.
The new North Field growth, named North Field West, will add an extra 16 million tonnes of liquefied pure fuel (LNG) per yr to current growth plans, Qatar’s Energy Minister Saad Sherida al-Kaabi mentioned at a information convention on Sunday.
“Recent studies have shown that the North Field contains huge additional gas quantities estimated at 240 trillion cubic feet, which raises the state of Qatar’s gas reserves from 1,760 [trillion cubic feet] to more than 2,000 trillion cubic feet,” mentioned al-Kaabi, who additionally heads the state-owned firm QatarEnergy.
These outcomes “will enable us to begin developing a new LNG project from the North Field’s western sector with a production capacity of about 16 million tonnes per annum”, he mentioned.
This will deliver Qatar’s manufacturing capability to 142 million tonnes as soon as “the new expansion is completed before the end of this decade” – a virtually 85 % rise from present manufacturing ranges, al-Kaabi added.
The QatarEnergy chief mentioned the agency will “immediately commence” with engineering works to make sure the growth is accomplished on time.
Qatar is among the world’s prime LNG producers alongside the United States, Australia and Russia.
Asian international locations led by China, Japan and South Korea have been the primary marketplace for Qatari fuel, however demand has additionally grown from European international locations since Russia’s warfare on Ukraine threw provides into doubt.
The newest growth plans comply with a flurry of bulletins for long-term Qatari fuel provide offers.
Earlier this month, Qatar mentioned it could provide 7.5mtpa of LNG for 20 years to India’s Petronet, with the primary deliveries anticipated from May 2028.
At the tip of January, QatarEnergy introduced a take care of US-based Excelerate Energy to provide Bangladesh with 1.5mtpa of LNG for 15 years.
Last yr, Qatar signed LNG offers with China’s Sinopec, France’s Total, Britain’s Shell and Italy’s Eni.
Global value collapse
Competition for LNG has ramped up for the reason that begin of the warfare in Ukraine, with Europe, specifically, requiring a big amount to assist change Russian pipeline fuel that used to make up nearly 40 % of the continent’s imports.
The Qatari announcement got here because the US fuel costs commerce close to an all-time low if adjusted to inflation after a decade of meteoric rises in output which made the US one of many prime oil and fuel exporters.
Prices of fuel in Europe additionally fell steeply regardless of a drop in Russian provides after the US and Qatar helped change misplaced volumes.
Despite the worth drop, all main fuel producers, together with the US, Australia and Russia, wish to enhance output betting on additional demand development and worries that their fuel may not be wanted many years from now if the vitality transition makes inexperienced vitality cheaper.
The newest growth is probably not the final for the Gulf vitality big as al-Kaabi mentioned appraisal of Qatari fuel reservoirs would proceed and manufacturing could be additional expanded if there’s a market want.
On partnerships for the brand new trains, al-Kaabi mentioned QatarEnergy will go forward and start the engineering section of this undertaking by itself with out in search of companions after which take a choice on partnerships later.
The North Field is a part of the world’s largest fuel area, which Qatar shares with Iran, which calls its share South Pars.
https://www.aljazeera.com/news/2024/2/25/qatar-announces-new-gas-output-boost-with-mega-field-expansion?traffic_source=rss
