Qatar Petroleum took yet another step into the future facilitating the supply of Qatari and internationally-sourced environmentally friendly LNG to the UK, France and European customers. This was evident when Qatar Petroleum and UK’s Grain LNG inked a 25-year storage deal.
The agreement will enable the Qatar Petroleum affiliate to utilise the Isle of Grain LNG receiving terminal in Kent from mid-2025, by subscribing to the equivalent of up to 7.2 million tonnes per annum of the terminal’s future throughput capacity. Also, in February this year, QP and the French LNG terminal operator Elengy, a subsidiary of ENGIE Group, entered into a long-term agreement for LNG receiving, storage and regasification services at the Montoir-de-Bretagne LNG Terminal in France.
Qatar ranks third in the world in terms of natural gas reserves and it holds about 12.4 percent of the world’s total proven gas reserves, according to the latest Statistical Review of World Energy released by BP.
Minister of State for Energy Affairs and the President and CEO of Qatar Petroleum, H E Saad Sherida Al Kaabi recently highlighted Qatar’s resilient LNG industry in a keynote speech delivered remotely at the start of the 9th Japan LNG Producer-Consumer Conference. H E the Minister said: “During these challenging times, Qatari LNG continued to flow to all markets. In 2017, we announced our intention to increase our LNG production capacity to 100 million tonnes per year. Such target was then increased in 2018 to 110 million tonnes per annum, and again, as we obtained more data on the capability of our giant North Field, the target was increased in 2019 to 126 million tonnes per year by 2027. As history has shown, we don’t expect to stop at 126 million. We continue to strive to develop our natural gas resources and lead the way in the world’s LNG value chain.”
Highlighting Qatar’s commitment towards its customers and partners, H E the Minister said: “Despite the pandemic, we continue to strengthen and expand our cooperation with all our existing long-term partners as well as with new partners across the world, providing security and diversity of LNG supplies.”
Qatar Petroleum is the largest equity LNG holder in the world, with ownership of stakes ranging from 63 percent and 70 percent in Qatargas and RasGas projects, respectively. The North Field Expansion project is a cornerstone of QP's drive to regain the title as the world’s top LNG exporter and keep it well into the next decade.
Qatar Petroleum is committed to contribute to a better future by meeting today’s economic needs, while safeguarding environment and resources for generations to come.
