- Qatar is one of the most influential players in the LNG market due to its huge production.
- The estimated increase in Qatar's LNG production comes after exploration work in the expanded North Field mega project.
DOHA: Qatar's production of liquefied natural gas (LNG) will rise to 126 million tonnes per year by 2027, from 77 million tonnes now, the chief executive of state energy giant Qatar Petroleum said on Monday.
The expansion of tiny but gas-rich Qatar's LNG facilities, already the world's largest, is one of the energy sector's most lucrative projects, and the world's top oil and gas majors have been racing to secure a stake.
The estimated increase in Qatar's LNG production comes after exploration work in the expanded North Field mega project showed that confirmed gas reserves of the field exceeded 1,760 trillion cubic feet, Saad al-Kaabi told reporters in Doha.
That would also boost Qatar's output to 6.7 million barrels of oil equivalent per day (boed) from around 4.8 million boed in the next 8 years, Kaabi said.
"We will immediately commence work for two additional LNG mega trains with a combined annual capacity of 16 million tonnes per annum," Kaabi said.
"This will raise Qatar's LNG production from currently 77 million tonnes to 126 million tonnes per annum representing an increase of about 64pc."
Qatar is one of the most influential players in the LNG market due to its huge production.
In 2017, it lifted a self-imposed ban on the development of the North Field, the world's biggest natural gas field it shares with Iran, and announced a new project to develop its southern section, increasing output in five to seven years.
QP had said before it was lifting its LNG production to around 110 million tonnes per annum and would build four new production facilities, known as LNG trains.
Kaabi told Reuters in September that QP has shortlisted international oil firms for a stake in its expanded North Field mega project, but may still choose to go it alone unless oil majors offer it significant value.