Qatar Petroleum has announced plans to boost its LNG production from 77 million to 100 million tons per year by increasing production from its giant North Field, located in the Persian Gulf.
The company said on Tuesday it would double the size of the new gas project in the southern sector of the North Field which will increase production of natural gas, condensate and other associated products by one million barrels of oil equivalent per day.
Saad Sherida Al-Kaabi, the President & CEO of Qatar Petroleum, said: “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. With the conclusion of further technical studies, we have decided that the best option would be to double the size of the project to four billion cubic feet of gas per day, which constitutes a 20 percent increase from the current North Field production rate, or about one million barrels of oil equivalent per day.”
He said the project will strengthen the nation's position as the world’s largest LNG producer and exporter “in line with Qatar Petroleum’s strategic growth plan and objectives of becoming one of the best national oil and gas companies in the world, with roots in Qatar and a strong international presence.
“Once completed, within five to seven years from now, this project will raise the production of the State of Qatar to about six million barrels of oil equivalent per day.”
The North Field, one of the largest gas fields in the world, is shared between Qatar and Iran. Iran’s part of the field is known as South Pars gas field.
Qatar Petroleum's plans are seen as an attempt to remain the world’s biggest LNG exporter and to put pressure on Australian LNG projects such as Woodside’s $25 billion Browse development.
Australia’s LNG production is expected to reach 80 million tons in the next few years, making it the world’s leading exporter. However, the U.S. also has plans to ramp up its LNG production, making it a contender for the world leader.