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Qatar Expands LNG Capacity To Become Europe’s Emergency Gas Supplier

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Following on from the recent signing by Qatar of a declaration of intent on energy cooperation with Germany aimed at becoming its key supplier of liquefied natural gas (LNG) going forward, the Emirate has now signed separate partnership deals with France’s TotalEnergies and Italy’s Eni for the US$30 billion North Field (or ‘Dome’) Expansion of the world’s biggest LNG project. According to statements from Qatar’s Energy Minister, Saad al-Kaabi, the French oil and gas supermajor will have a 25 percent stake in the project, with no other company to have a higher stake and the selection process for partners now finalised. The same terms have been announced the Eni partnership deal. TotalEnergies’ chief executive officer, Patrick Pouyanne, added that the company’s 25 percent stake will be for one ‘train’ (liquefaction and purification facility) of the project. Al-Kaabi confirmed that as Qatar has a unified approach, in which all four trains are considered to be one unit, TotalEnergies’ 25 percent stake in one virtual train gives it around a 6.25 percent holding in the whole four trains. Overall, the long-awaited North Field Expansion plan includes six LNG trains that are aimed at increasing Qatar’s liquefaction capacity up from 77 million tonnes per year (mtpy) to 110 mtpy, with the addition of four more trains from 2025, and then to 126 million mtpy with the addition of two further trains by 2027. All things remaining equal, this looks like an eminently achievable objective, given that the supergiant North Field natural gas field, together with the neighbouring 3,700 square kilometre area of Iran’s South Pars field, comprises by far the largest non-associated natural gas field in the world. By conservatives estimates the entire 9,700 square kilometre site holds at least 1,800 trillion cubic feet (Tcf) of non-associated natural gas and at least 50 billion barrels of natural gas condensates. This abundant resource had allowed Qatar for many years to be the number LNG exporter in the world, although it did lose that spot for a time to Australia. Qatar’s loss of standing had been a product of the moratorium it had imposed in 2005 on the further development of the North Dome site but this was then lifted in the first quarter of 2017. Related: 3 Reasons Goldman Sachs Is Wrong About Lithium That TotalEnergies and Eni were the first two international oil companies chosen for key roles in this key project may not just be a reflection of their undoubted capabilities as oil and gas operations, but may also reflect the onus that Qatar is placing on positioning itself as the ‘go-to’ emergency gas supplier for Europe, given the energy supply constraints that are likely to arise from its intended ban on Russian energy this year. Not only are both companies very highly regarded and well-favoured oil and gas firms by the European Union (E.U.) but they are also seen as “our own firms, particularly TotalEnergies,” as a senior energy source in the E.U. exclusively told OilPrice.com last week. “Germany is effectively the economic leader of the E.U. but France could be termed the ideological leader of it, having pushed for the ‘Treaty of Paris’ in 1951, which can be seen as the precursor to the European Economic Community and then the European Union itself,’ he said. “TotalEnergies is seen by some senior members of the E.U. as sometimes fulfilling a role that straddles both economic and political agendas, although this operates on a level distinct from the company itself,” he told OilPrice.com. TotalEnergies also put itself in a very advantageous position from both Germany’s and Qatar’s perspectives by announcing early on after the Russian invasion of Ukraine that it would no longer be investing in any new project in Russia. For Qatar, tying up supply deals in Europe in preparation for the loss of at least some Russian oil (and gas) supplies in the future is a sound strategy for ensuring that the political will and financial backing for its North Field Expansion project continues to its completion in 2027. For around five years before these new deals were signed with TotalEnergies and Eni, state-run QatarEnergy had been waiting to finalise various partnership agreements, although it has stated that it could finance the entire project itself if required. Other international oil companies that have been bidding for inclusion in the four trains of the North Field East Expansion and/or the other two trains involved in the second phase, North Field South Expansion project, include ExxonMobil, Shell, and ConocoPhillips, according to the E.U. energy source. Qatar sees an even split of buyers for the LNG volumes from the expansion projects, according to al-Kaabi, with Asian buyers expected to make up half the market and buyers in Europe the rest. In this vein, QatarEnergy awarded the engineering procurement and construction contract for the North Field Expansion project to a joint venture between Spain’s Tecnicas Reunidas and China’s Wison Group. Related: Iraq Wants To Buy Exxon’s Stake In Key Oil Field In the shorter-term, the plan is that new LNG supplies from Qatar would come into Germany through existing importation routes augmented by new infrastructure approved by the German Bundestag on 19 May. This includes the deployment of four floating LNG import facilities on its northern coast, and two permanent onshore terminals, which are currently under development, according to the E.U. energy source. These plans will run in parallel with, but are likely to be finished significantly sooner than, plans for Qatar to also make available to Germany sizeable supplies of LNG from the Golden Pass terminal on the Gulf Coast of Texas. QatarEnergy holds a 70 percent stake in the Golden Pass terminal project, with ExxonMobil holding the remainder. The Golden Pass terminal’s estimated send out capacity will be around 18 million metric tons per year (mtpy) of LNG and the facility is expected to be operational in 2024. This said, there remain doubts over the degree to which Qatar’s LNG can replace the oil and gas that has historically flowed into the E.U. from Russia. As highlighted by OilPrice.com, last year Germany imported 142 billion cubic metres (bcm) of gas in 2021, down 6.4 percent from 2020, an average of around 12 bcm per month (although real month-by-month use would not reflect this arithmetical mean average due to differing seasonal usage). As a guide, according to data from Independent Commodity Intelligence Services (ICIS), for the month of December 2021, natural gas coming via pipelines from Russia amounted to 32 percent of Germany’s total imports that month, followed by supplies from Norway (20 percent of the total) and the Netherlands (12 percent of the total). Using this December percentage gives a figure for the entire year of just over 45 billion cubic metres of natural gas being imported by Germany from Russia, which equates to just under 33 million metric tons of LNG, or just over 40 million tons of oil equivalent. The 33 million metric tons of LNG for the year for Germany alone from Russia compares to the entire Golden Pass figure over the year of 18 million metric tons per year of LNG.

Qatar Explores Boosting Its LNG Expansion as Gas Demand Booms.

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Qatar Explores Boosting Its LNG Expansion as Gas Demand Booms. Gulf state sounds out buyers to gauge interest in more gas Talks come as Ukraine war raises long-term LNG demand Qatar is sounding out buyers about a further expansion of its liquefied natural gas capacity, according to people familiar with the matter, as Europe rushes to secure supplies in the wake of Russia’s war in Ukraine. State-run Qatar Energy is talking to gas buyers about whether to enlarge a $30 billion project started in 2021 to build six gas-liquefaction plants, the people said, asking not to be identified. The company is assessing the cost of adding at least one more unit and how much interest there is for additional gas from customers, including some in China. The talks are at an early stage and QE may stick with its existing plan, which will boost its maximum annual output by 60% to almost 130 million tons by 2027. The first gas isn’t expected to hit the market until 2025. The company didn’t respond to a request for comment. Qatar’s discussions underscore how quickly the long-term outlook for LNG has changed since Russia’s invasion. Europe is desperate to reduce its reliance on Russian energy, and a standoff over President Vladimir Putin’s demand that gas be paid for in rubles rather than euros or dollars has added urgency to their efforts. Share of Natural Gas Imports Coming From Russia, 2020 Sources: Eurostat; U.S. Energy Information Administration Note: Data for 2020 are not available for the U.K. and Bosnia-Herzegovina, 2019 data are shown in those countries. Norway imported 10 million cubic meters of gas from Russia in 2020, but as a net exporter is not dependent on Russian imports Germany, which got more than half its gas imports last year from Russia, has pledged to fast-track the construction of its first LNG import terminals. The U.S. also unveiled a deal in late March that will see it boost supplies to Europe as soon as this year. Several senior European Union officials -- including the bloc’s top diplomat, Josep Borrell, and Germany’s Economic Minister Robert Habeck -- have traveled to Qatar in the past month to discuss gas supplies. Habeck said German-based utilities should start negotiating multi-year supply contracts with the Persian Gulf state, which is the world’s biggest LNG exporter. Qatar’s expansion project, the largest in the LNG market’s history, was met with skepticism when it was announced in 2019. Some analysts said gas demand would drop rapidly in the coming decades as the world transitioned from fossil fuels to renewable energy. Soon after, the coronavirus pandemic caused gas prices to sink to record lows. Read: The LNG King Embarks on Sales Campaign After Approving Expansion Prices have now rebounded almost to all-time highs. Morgan Stanley forecasts global LNG consumption will rise 60% through 2030, mostly due to Europe’s pivot away from Russian energy. Qatar’s six new units -- in which gas is compressed and cooled to 258 degrees below Fahrenheit (-161°C), allowing it to be shipped around the world -- will each be able to produce 8 million tons of LNG per year.

Qatar orders six LNG ships from Korean shipyards amid expansion plans

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Qatar orders six LNG ships from Korean shipyards amid expansion plans QatarEnergy has ordered six LNG ships from two South Korean shipyards, the first batch under a 2020 agreement, as the Gulf state seeks to meet requirements for its North Field expansion plans. Four vessels were ordered from Daewoo Shipbuilding & Marine Engineering and two ships from Samsung Heavy Industries as part of agreements signed in May 2020, QatarEnergy said in a Nov. 7 statement. The company's didn't disclose the cost of the order or timeline for delivery. "These orders, and those that will follow in the near future, constitute a significant part of our program to expand Qatar's LNG fleet to meet the requirements of our LNG expansion projects, our existing fleet replacement, as well as our LNG trading arm," Saad al-Kaabi, Qatar's minister of state for energy affairs and CEO of QatarEnergy, said in the statement. The North Field expansion project will boost Qatar's LNG production capacity to 126 million mt/year by 2027 from 77 million mt/year now. Qatar's North Field is the world's largest offshore gas field, which is located in the Persian Gulf. The field is shared with Iran, where it is known as South Pars. In October, QatarEnergy said it had ordered four new LNG carriers from Hudong-Zhonghua Shipbuilding Group Co. (Hudong), a unit of China State Shipbuilding Corp., its first LNG vessel deal with a shipyard from the Asian country. The order, whose cost exceeds Qatari Riyals 2.8 billion ($770 million), is part of an April 2020 agreement to reserve LNG ship construction capacity in China to support its North Field gas expansion projects and replace older vessels. The 2020 deal with Hudong, worth Riyals 11 billion, will see a significant portion of the company's LNG ship construction capacity reserved for QatarEnergy through 2027.

India's top gas importer Petronet aims to extend LNG buy deal with Qatar

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India's top gas importer Petronet aims to extend LNG buy deal with Qatar India's top gas importer Petronet LNG hopes to extend its long-term deal to purchase liquefied natural gas (LNG) from Qatar to beyond 2028, the company's head of finance V.K. Mishra said on Monday. Petronet has a deal to buy 7.5 million tonnes per year (mtpa) of LNG from Qatar under a long-term deal expiring in 2028. India's gas demand is set to rise as Prime Minister Narendra Modi targets raising the share of the cleaner fuel in the country's energy mix to 15% by 2030 from the current 6.2%. Indian companies are investing billions of dollars to build infrastructure including pipelines and gas import terminals. Petronet, which operates two LNG import terminals in the country, plans to build a third such facility on the east coast. Mishra said his firm is conducting gas demand assessment ahead of placing construction orders for the project next year.

South Korea signs 20-year LNG deal with Qatar

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South Korea signs 20-year LNG deal with Qatar South Korea's energy ministry said on Monday it had signed a 20-year liquefied natural gas (LNG) supply agreement with Qatar for the next 20 years starting in 2025. South Korea's state-run Korea Gas Corp (036460.KS) will buy 2 million tonnes of LNG annually from Qatar Petroleum (QATPE.UL). "This long-term contract is considered to have favourable contract conditions, which would help stabilise LNG supply as well as to significantly drop fees," the ministry said in a statement. It did not provide financial details of the agreement. The energy ministry added that KOGAS buys 9 million tonnes of LNG annually from Qatar through long-term contracts and a contract worth 4.9 million tonnes of LNG is expected to end in 2024

Qatar signs deal with Shell to supply more LNG to China

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Qatar signs deal with Shell to supply more LNG to China Qatar Petroleum is set to supply another 1 million tonnes per year (t/y) of liquefied natural gas (LNG) to China after signing a 10-year contract with Shell. The deal brings Qatari LNG supplies to China under long-term deals to 12 million t/y. Qatar Petroleum is set to supply another 1 million tonnes per year (t/y) of liquefied natural gas (LNG) to China after signing a 10-year contract with Shell. The deal brings Qatari LNG supplies to China under long-term deals to 12 million t/y. Under the latest deal with Shell, LNG deliveries will start in January 2022 to various LNG terminals in China, Qatar Petroleum said yesterday. China is set to become the world’s largest LNG importer this year. The deal should come as no surprise. China’s LNG demand continues to expand and suppliers in Qatar, Russia, and Africa, look set to benefit as China seeks to diversify its import mix that has become more reliant on Australian LNG in recent years. Qatar said China is considered a major customer and strategic partner in the energy sector. Those ties look set to get stronger. In April, CNOOC, China’s third-biggest oil company, signalled its interest to become a partner in Qatar’s $29 billion North Field LNG expansion project, that will be the world’s largest. Under the deal with Shell, the deliveries will come from the Qatargas 1 project. Qatar Petroleum operates the 10 million t/y joint venture project with TotalEnergies, ExxonMobil, as well as Japanese companies Marubeni and Mitsui. However, Qatar Petroleum will be 100% owner of Qatargas 1 at the start of next year, when its joint venture agreement with its partners expires.

Qatar Sees Gas Demand Peaking Around 2040, Much Later Than IEA

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Qatar Sees Gas Demand Peaking Around 2040, Much Later Than IEA Natural gas giant Qatar Petroleum predicted global demand for the fuel will continue to climb for almost two decades, making it far more optimistic than the International Energy Agency. QP expects consumption to grow at a rate of 1.5% a year, driven higher by economic growth and a broad shift away from dirtier-burning coal, according to a bond prospectus seen by Bloomberg. It sees demand peaking around 2040, roughly 15 years later than forecast by the IEA. The world’s largest producer of liquefied natural gas is spending tens of billions of dollars to build expansion projects that rely on a rosy future for the commodity. Gas has been seen as a key transition fuel in the global shift to cleaner energy, though it’s falling out of favor with some governments as they accelerate efforts to slow climate change. The Paris-based IEA, an adviser to most major economies, expects gas demand to peak in the mid-2020s, according to its Net Zero by 2050 report published in May. By mid-century, gas use will be 55% lower than in 2020, it said. QP’s outlook contrasts sharply, and its forecast for LNG is even more bullish. The state producer expects LNG demand to grow even after gas consumption starts to decline, saying falling gas production in some countries will raise demand for imports. It sees the LNG market growing at a rate of 3.6% a year to 2040, and continuing to expand until the end of that decade. Qatar is ramping up production of the liquefied fuel dramatically, while dropping prices to squeeze competitors out the market. Qatar Petroleum’s capital expenditure will total almost $60 billion from 2021 to 2025, according to the prospectus

Qatar, the biggest LNG maker aims to keep its throne for another 20 years

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Qatar, the biggest LNG maker aims to keep its throne for another 20 years Qatar will spend billions of dollars expanding its LNG capacity more than 50% to 126 million tons a year Qatar aims to be the world’s biggest producer of liquefied natural gas for at least the next two decades, capitalizing on rising demand as the world transitions from oil and coal to cleaner energy. Qatar will spend billions of dollars expanding its LNG capacity more than 50% to 126 million tons a year. That’s a level other countries will struggle to match, Energy Minister Saad Al-Kaabi said in an interview with Bloomberg TV. The Persian Gulf nation will be able to produce LNG from the first phase of the expansion so cheaply that it will be viable even if oil prices fall below $20 a barrel, said Al-Kaabi. “This is one of the most competitive, if not the most competitive project, on the planet," he said. Oil prices collapsed last year, but have soared more than 60% since the start of November to around $63 a barrel with the roll-out of coronavirus vaccines. State producer Qatar Petroleum took a final investment decision on the North Field East Project last week. It’s likely to be the only project in the world to pass this milestone in 2021, after just one was sanctioned to move ahead last year, according to Bloomberg NEF. The lack of new supply from other countries will benefit Qatar, said Al-Kaabi, who is also chief executive officer of QP. “With less projects coming online our expansion is very timely," he said. Though LNG is a cleaner-burning fuel than coal and oil, most supply agreements are still based on the price of crude. Al-Kaabi doubts that will change. “There is this fallacy that LNG is traded like a commodity and you can have an almost endless spot market," he said. “It’s not true." QP will continue to favor years-long contracts tied to oil and will sell only around 10% of the new gas via the spot market, the minister said. “Long-term is the best approach for both sides," he said. “It gives certainty." LNG spot rates have swung wildly over the past year, falling heavily around April as the pandemic raged and surging in mid-January amid a cold snap in Asia. The volatility created “big spikes that are not good for the buyer or the seller," said the minister

LPG suppliers Saudi Arabian Oil, Qatar Petroleum, Equinor Asa, Oman Trading, Trafigura, Abu Dhabi & Bharat Petroleum exported larges cargoes to Asia in May 2020

India imported 1.27 million tons of LPG in May 2020. Top largest LPG Exporters to India were Saudi Arabian Oil Company with 259563 MT, Qatar Petroleum For The Sale Of Petroleum Products Company Ltd with 198400 MT, Equinor Asa with 166709 MT, Oman Trading International Ltd with 109919 MT, Trafigura Pte Ltd with 85009 MT, Abu Dhabi National Oil Co. (Adnoc) with 78688 MT and Bharat Petroleum Corporation Ltd with 75067 MT.

Qatar signs $19bn deal for LNG carriers with South Korean yards

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Qatar Petroleum has entered into three agreements to reserve LNG ship construction capacity in the Republic of Korea for its future LNG carrier fleet requirements, including its ongoing expansion projects in the North Field and the US. Under the agreements, the “Big 3” Korean shipyards – Daewoo Shipbuilding & Marine Engineering (DSME), Hyundai Heavy Industries (HHI) and Samsung Heavy Industries (SHI) – will reserve a major portion of their LNG ship construction for Qatar Petroleum until 2027. The agreements were signed by Qatar Petroleum’s President and CEO in a virtual signing which was attended by Sung Yun-mo, the Minister of Trade, Industry & Energy of the Republic of Korea amongst others. “The signing of today’s agreements with the three esteemed Korean companies reflects our commitment to the North Field expansion projects, evening during these extraordinary times.” “As I have previously stated, we are moving full steam ahead with the North Field expansion projects to raise Qatar’s LNG production capacity from 77 million today to 126 million tonnes per annum by 2027 to ensure the reliable supply of additional clean energy to the world at a time when investments to meet these requirements are most needed.” “These agreements will ensure our ability to meet our future LNG fleet requirements to support our expanding LNG production capacity and long-term fleet replacement requirements.” “With the conclusion of these milestone agreements, we have everything in place to commence the largest LNG shipbuilding program in history. We have secured approximately 60% of the global LNG shipbuilding capacity through 2027 to cater for our LNG carrier fleet requirements in the next 7-8 years, which could reach 100+ new vessels with a program value in excess of 70 billion Qatari Riyals.” Qatar Petroleum’s LNG carrier fleet program is the largest of its kind in the history of the LNG industry, and will play a pivotal role in meeting the shipping requirements of Qatar Petroleum’s local and international LNG projects, as well as replacing part of Qatar’s existing LNG fleet.
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