QATAR Petroleum (QP), last week, signed a deal for developing its $28.75bn North Field East Project (NFE) which is the world’s largest LNG project. This expansion is a good news not just for Qatar because the project will generate substantial revenues for Qatar, but for the entire world as it paves way for increase in supply of an environment friendly and cleaner fuel. The expansion will raise Qatar’s LNG production capacity from 77 million metric tons per annum (MMTPA) to 110 MMTPA. This investment decision is a clear demonstration of the unwavering commitment by Qatar to supply the world with the clean energy it needs. Qatar has launched many steps to produce energy in an environment friendly manner. Last month, QP launched its new Sustainability Strategy, which sets a roadmap for a sustainable and more prosperous future for Qatar and the world. The strategy is an important step on the road to achieve its vision of becoming one of the best national oil and gas companies in the world, with roots in Qatar and a strong international presence. The strategy also acts as a clear direction towards reducing the emissions intensity of Qatar’s LNG facilities by 25 percent and of its upstream facilities by at least 15 percent, and reducing flare intensity across upstream facilities by more than 75 percent. One of the most important environmental elements of the North Field Expansion (NFE) project is its CO2 Capture and Sequestration System (CCS). During 2020, which was a challenging year, QP accomplished many feats. It continued its march to strengthen its position in the global LNG market by expanding its footprints in foreign markets. In April, QP announced the start of the development drilling campaign for the North Field East Project, or NFE (previously known as the North Field Expansion Project). In the same month, it announced that it had entered into an agreement to reserve LNG ship construction capacity in China to be utilized for Qatar Petroleum’s future LNG carrier fleet requirements, including those of its ongoing North Field expansion projects. In May, QP entered into three farm-in agreements to acquire about 30 percent of Totals participating interest in blocks 15, 33 and 34 located in the Campeche basin, offshore Mexico. In June, QP entered into three agreements to reserve LNG ship construction capacity in the Republic of Korea to be utilized for Qatar Petroleum’s future LNG carrier fleet requirements, including those for the ongoing expansion projects in the North Field and in the United States. Qatar LNG expansion plan shows country’s commitment to achieve the highest environmental standards.
