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QatarEnergy’s Profits Surge Nearly 60% Amid Energy Crisis

Qatar’s national oil company, QatarEnergy, recorded a 58% jump in net income in 2022 to reach a record 154.6 billion riyals ($42.4 billion) amid the global energy crisis. The company mainly benefitted from higher gas prices, with prices 40% higher in 2022 than the previous year.

Qatar harbors big natural gas ambitions. Last week,  QatarEnergy’s President and CEO, Al-Kaabi, declared that a full 40% of all new LNG that will come to the global market by 2029 will be from Qatar.

Gas will always be needed as the cleanest fossil fuel for the base-load required for electricity production and for powering industrial and manufacturing factories. We have to have a balance between what we need for humanity and how we can manage it properly. And if you look at what we are doing in Qatar, we are increasing production to 126 million tons per annum (MTPA) and we have another 16-18 MTPA out of the U.S. coming online next year. We are doing it in the most responsible way as far as emissions are concerned with CO2 sequestration,” Al-Kaabi said during a “Leadership Dialogue” held as part of the 20th International Conference & Exhibition on Liquefied Natural Gas.

Last year, Australia emerged as the world’s leading exporter of LNG, shipping 82.0 million tonnes (Mt) of LNG2 valued at $63 billion, a new world record. That figure eclipsed 81.2 Mt exported by Qatar and 79.1 Mt exported by the United States. However, increasing regulatory scrutiny by the Australian government, including the possibility of gas intended for LNG projects being diverted into the domestic market, might limit Australia’s ability to maintain the lead. Lately, the Australian government has been intervening more aggressively in local gas markets. Last year, following the east coast energy crisis, the federal government toughened the Australian Domestic Gas Security Mechanism (ADGSM), which gives it more power to limit LNG exports.

Meanwhile, Europe’s purchases of U.S. LNG has lately dwindled, with June’s volumes clocking in at 4.15 million metric tons, down from 5.63 million tons in May.  Europe’s gas inventories, including in the United Kingdom, have been rapidly increasing and have now hit 889 terawatt-hours (TWh), according to data from Gas Infrastructure Europe. Stocks are now +246 TWh +38% above the 10-year seasonal average, although the surplus has narrowed from +280 TWh +81% in March. 

By Alex Kimani for Oilprice.com

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  • Mamdouh Salameh on July 19 2023 said:
    This is what one should expect from what is probably the world’s best run and most fully integrated LNG company. With its expansion programme, QatarEnergy will account for 40% of all LNG coming into the global market by 2029.

    Qatar is the world’s LNG giant. It is the largest exporter of LNG (except in 2022 when Australia overtook it by a mere 0.8 million tons) and the cheapest producer. It owns the gas reserves, the liquefaction plants and a relatively large modern fleet of LNG tankers all paid for.

    Moreover, Qatar’s added LNG capacity is being contracted for years into the future with China signing two 27-year contracts for the supply of 4.0 mtpa each.

    Qatar's business model is one of the most sophisticated and successful in the world. It is realistic, cost-effective, profitable and environmentally friendly.

    Dr Mamdouh G Salameh
    International Oil Economist
    Global Energy Expert

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