Despite the global market turmoil caused by the coronavirus pandemic, Qatar Petroleum is pressing ahead with foreign as well as domestic expansion. For the company’s domestic North Field LNG expansion, QP chief executive said it could seek to raise debt next year.
With an annual production of 77 million tonnes, Qatar is one of the most influential LNG market players. An increase of LNG production to 126 million tonnes a year targeted by the country by 2027.
Following a postpone in the bidding process, the beginning of production will be delayed by QP from its new gas facilities until 2025. However, the company is not downsizing the North Field expansion, the world’s largest LNG project.
In Qatar’s LNG plants, ConocoPhillips, ExxonMobil, Royal Dutch Shell, and Total are long-standing partners. To give Qatar stakes in their oil and gas projects, deals have been signed by some of the companies over the last year.
As oil prices plummeted to 18-year lows as the impact of lockdowns to limit the spread of the coronavirus, spending has been slashed by energy companies worldwide.
