QatarEnergy Announced North Field West Expansion

SEATTLE (Oil Monster):  QatarEnergy- the state-owned petroleum company of Qatar announced $17 billion expansion plans at the world’s largest gas field. The North Field West expansion project will add approximately 16 million tonnes of LNG, by way of greenfield investments. Incidentally, Iran and Qatar enjoys combined ownership of the North Field and the extended South Pars field in the Persian Gulf.

The proposed expansion project will reaffirm Qatar’s long-term status as a leading LNG exporter alongside the US and Australia. As per recent studies, the additional gas reserves at the North Field is estimated at around 240 trillion cubic feet. This will boost the total gas reserves to more than 2,000 trillion cubic feet, said Saad Sherida al-Kaabi, Qatar’s Energy Minister and the head of QatarEnergy.

QatarEnergy expects the expansion be completed before the end of 2030. Upon completion, the country’s LNG production capacity will see a significant surge by 85% from the current levels to 142 million tonnes.

Traditionally, Asian countries such as China, Japan, and South Korea used to be the main buyers of gas from Qatar. Following the recent geopolitical uncertainties, demand from European countries too have rose significantly.