Qatar has the world’s third-biggest proven natural gas reserves and is on its way to dominate global productions of LNG through its North Field Expansion project.

QatarEnergy has reported a net profit of 101.9 billion riyals, or about $28bn for 2023, marking a 32 percent drop from the previous year after gas prices soared following the Russia’s military operation in Ukraine.

Despite this downturn, the state-owned energy company remains committed to expanding its liquefied natural gas (LNG) production capabilities.

The LNG giant revealed plans in February to further increase its production. The expansion aims to add 16 million metric tonnes per annum (mtpa) to its initial projections, boosting total capacity to 142 mtpa by 2030, up from the current 77 mtpa.

The LNG market has witnessed heightened competition between Qatar and the United States, especially after Europe sought to reduce its reliance on Russian gas in the aftermath of Moscow’s military operations in Ukraine.

Capitalising on this, the U.S. stepped in to meet the demand and emerged as the world’s leading LNG exporter in 2023, surpassing Qatar in the process.

North Field Expansion project

Qatar has the world’s third-biggest proven natural gas reserves and is on its way to dominate global productions of LNG through its mega multibillion-dollar North Field Expansion (NFE) project.

Under the first phase of the project, Qatar is raising its LNG production from 77 million tonnes to 110 million tonnes by 2025, representing a 43 percent increase. 

The second part of the project – the biggest of its kind – will ramp up Qatar’s LNG production to 126 million tonnes by 2027.

QatarEnergy began looking into potential partners in 2019, with production expected to start before the end of 2025.

Discovered in 1971, the North Field covers an area of 9,700 square kilometres, of which 6,000 square kilometres are in Qatar’s territorial waters.

The production then kickstarted in 1989, during the time in which oil was the primary source for Qatar’s wealth.