- Title: Qatar plans to boost LNG output to 100 mln tonnes a year
- Date: 4th July 2017
- Summary: DOHA, QATAR (JULY 4, 2017) (REUTERS) ***WARNING CONTAINS FLASH PHOTOGRAPHY*** EXTERNAL OF QATAR PETROLEUM BUILDING VARIOUS OF QATARI FLAGS OUTSIDE THE BUILDING VARIOUS OF THE PRESSER (SOUNDBITE) (Arabic) PRESIDENT AND CEO OF QATAR PETROLEUM SAAD SHERIDA AL-KAABI SAYING: "Last April, we announced our intention to develop a new gas project in the southern sector of the North Field that can be targeted for export and after many technical studies we have decided that the best option is to double the size of the project to 4 billion cubic feet of gas per day, which constitutes a 20 % increase for the North Field production, or about one billion barrels of oil per day, and we have decided that the best way to develop this huge project is to export it as liquified natural gas, therefore we will increase the production capacity of LNG from 77 million tons per year to 100 million tons per year which means a 30% increase which will be completed in 5-7 years." MORE OF THE PRESSER VARIOUS OF WRITING IN ARABIC AND ENGLISH READING QATAR PETROLEUM
- Embargoed: 18th July 2017 11:10
- Keywords: Qatar plans boost LNG output 100 mln tonnes year
- Location: DOHA, QATAR
- City: DOHA, QATAR
- Country: Qatar
- Topics: Commodities Markets,Economic Events
- Reuters ID: LVA0016OAYBGT
- Aspect Ratio: 16:9
- Story Text: Qatar Petroleum plans to boost gas production from its giant North Field, which it shares with Iran, by 20 percent after new gas development, QP's chief executive said on Tuesday (July 4), despite sanctions imposed on the Gulf Arab state by its neighbours.
Qatar in April lifted a self-imposed ban on development of the North Field, the world's biggest natural gas field, and announced a new project to develop its southern section, increasing output in five to seven years.
That new project will raise Qatar's total liquefied natural gas (LNG) production capacity by 30 percent to 100 million tonnes from 77 million tonnes per year, Qatar Petroleum's CEO Saad al-Kaabi told a news conference in Doha.
Global LNG demand was 265 million tonnes in 2016, according to Royal Dutch Shell's annual LNG outlook.
QP will need to build new LNG trains to meet the expansion in capacity, Kaabi said.
The announcement comes a day after France's Total signed an agreement with Iran to develop its part of the shared off-shore gas field that Tehran calls South Pars.
Kaabi said there is no cooperation with Iran on any project in the North Field, but the countries have a joint committee that meets every year to discuss development of the field.
Iran, which suffers severe domestic gas shortages, has made a rapid rise in production from South Pars a top priority.
The deal on Monday with Total is to develop its South Pars Phase 11 project, the first major Western energy investment in the country since the lifting of sanctions.
Gulf OPEC member Qatar, a future World Cup host with a population of 2.7 million, faces sanctions by Saudi Arabia, the United Arab Emirates, Egypt and Bahrain who have severed diplomatic and transport ties with Doha, accusing it of supporting terrorism. Qatar denies the accusation.
The four Arab states meet on Wednesday to discuss how to end the crisis or impose further sanctions on Qatar, which could include asking trade partners to pick a side in the Gulf rift.
Kaabi said the company's operations would not be affected by the crisis.
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