The Gulf state is on its way to lead liquified natural gas production through its multi-billion North Field expansion project.
QatarEnergy will takeover all marketing activities for Qatargas by the end of this year, the Gulf state’s energy company announced on Monday.
The takeover includes liquified natural gas (LNG) marketing activities, technical, commercial and financial capabilities of both entities in a bid to provide better products and services.
“The integration of the LNG marketing activities into QatarEnergy is a strategic decision taken as part of its growth journey and reaffirms our commitment to delivering excellence in everything we do,” Saad Al-Kaabi, QatarEnergy CEO, said.
Al-Kaabi, also Qatar’s minister of state for energy affairs, noted that the takeover will strengthen the Gulf state’s ability “to provide a unified customer and stakeholder interface with greater value.”
QatarEnergy manages the marketing and sale of products by its affiliates except for LNG and Helium.
“This move takes QatarEnergy one step closer to achieving our vision to becoming one of the best energy companies in the world[…]it goes without saying that we will ensure business continuity and a seamless transition,” Al-Kaabi added.
Qatargas Liquefied Natural Gas Company Limited (QG1) is a joint venture between QatarEnergy and affiliates of Total, ExxonMobil, Marubeni and Mitsui.
In 2021, QatarEnergy announced it will fully own QG1 in 2022.
Established in 1984, QG1 led Qatar’s LNG production and has the annual production capacity of at least 10 million tonnes.
Qatar is currently working to ramp up LNG production under the North Field Expansion project, the largest of its kind.
The multi-billion project is broken into two parts, the North Field East (NFE) and the North Field South (NFS).
The first is set to increase Qatar’s LNG production from 77 to 110 million tonnes per annum as the NFS will increase the production capacity from 110 to 126 million tonnes per annum.
QatarEnergy announced eight international partnership agreements last year for both phases of the projects, set to kick start in 2026 and 2027.
