The new expansion will add another 16 million tons annually to the current expansion plans of Qatar Energy Company (French)
The CEO of Qatar Energy Company, Saad Al-Kaabi, announced on Sunday a new expansion in the company’s production of liquefied natural gas, which will raise its production capacity to 142 million tons annually.
Al-Kaabi said in a press conference in Doha that the new expansion will add another 16 million tons annually to the current expansion plans, adding that it is too early to talk about partners in the new expansion.
Al-Kaabi stressed that there is a scarcity of gas in the market even with the announcement of this increase, indicating that the decision to increase liquefied natural gas production in the North Field is now driven by technical reasons only.
He said that it is difficult to estimate the cost of the new expansion in the North Field now, adding that production will cost "billions."
Al-Kaabi explained that the company will continue to evaluate Qatari gas reserves, and will increase production further if there is a market.
Al-Kaabi continued, "We may need to place additional orders for tankers in order to ship new volumes of liquefied natural gas," noting that Asia has the largest growth in the gas market, which is driven by the increase in population in the region.
The CEO of Qatar Energy also said that Europe's gas needs have not reached their peak, and Europe will continue to need gas in the energy mix for a "very long period."
Source: Reuters