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Qatar Teases Significant Oil and Gas Industry Announcement on Sunday

QatarEnergy, the state company of one of the world's biggest LNG exporters, will make on Sunday a very important announcement that will be of importance to the industry, Reuters reported on Friday, citing a source with direct knowledge of the plans.    

"The announcement will have significant impact and is of importance to the industry," the source told Reuters.

QatarEnergy wrote in an invitation to a press event that "a very important announcement" would be made in Doha on Sunday.

At the end of last year, QatarEnergy's chief executive Saad Sherida Al-Kaabi told Reuters that the company is assessing further LNG export expansion beyond the already announced huge North Field development-the biggest LNG expansion project in the world currently underway.

"If we think there is more capacity, we'll probably do more," the executive told Reuters.  

QatarEnergy expects to soon announce new LNG supply agreements with European and Asian buyers as it is working on the world's largest LNG export capacity expansion.   

QatarEnergy could also sign additional agreements to welcome more partners in the joint ventures that will operate the expanded capacities at the North Field, Al-Kaabi said at a news conference earlier this week, as quoted by Bloomberg.

At the end of last year and early this year, QatarEnergy signed several major LNG supply deals with European and Asian majors, including Shell, TotalEnergies, Eni, and Sinopec.  

QatarEnergy also announced earlier this month the latest such agreement with India's Petronet, a 20-year LNG Sale and Purchase Agreement for the supply of 7.5 million tons per annum of LNG to India.  

Shell, TotalEnergies, and Eni, as well as U.S. firms ConocoPhillips and Exxon, all hold minority stakes in the joint ventures developing several LNG trains at the North Field East (NFE) and North Field South (NFS) expansion projects.

Last year, Al-Kaabi said that "40% of all the new LNG that will come to the market by 2029, when all our projects are up and running, is going to be from QatarEnergy."

By Tsvetana Paraskova for Oilprice.com

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Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.  More

Comments

  • Andy Kostiuk - 23rd Feb 2024 at 5:48pm:
    Will probably be accepting other currencies, possibly gold for LNG
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