Qatar, the world’s largest LNG exporter could see a rise in export volumes as state-owned Qatar Petroleum revealed intentions to develop a new gas project in the country’s North Field.
According to the company’s statement, the work in the southern sector of the giant North Field will start over the next few months, effectively lifting the moratorium on North Field development that has been in place since 2005.
Speaking of the company’s plans, QP’s president and CEO Saad Sherida Al-Kaabi said the “technical studies and assessment of the North Field have confirmed the potential for developing a new gas project that can be targeted for export with a capacity of about 2 billion cubic feet per day.”
Qatar, that currently exports 77 million tons of LNG per year, has seen its top exporter spot come under pressure as new volumes came online in Australia and the United States.
The project would increase North Field’s production by 10 percent, adding about 400,000 barrel of oil equivalent per day.
Al-Kaabi added that the company has been conducting extensive studies to assess the North Field, including drilling a number of appraisal wells to better estimate the field’s production potential since 2005.
“This new project will further strengthen Qatar’s leading position as a major player in the global gas industry,” Al-Kabi concluded.
Source: LNG World News
