Qatar’s share of the Middle East region’s upstream investment is “substantial”, Gas Exporting Countries Forum (GECF) said and noted in 2023, Qatar accounted for 45% of the region’s upstream gas investment at $9.6bn.
In 2023, the region’s upstream gas investment stood at $21.3bn.
According to GECF, the Qatar Gas LNG T8-T11 project in the North Field, Qatar Gas LNG T12-T13 in the North Field South, the North Field Sustainability project, and the North Field Compression project drive the growth in investment and future production.
The key driver of the Middle East’s natural gas exports is expected to be the growth in LNG supplies, with Qatar at the forefront, GECF noted in the latest edition of its ‘Global Gas Outlook’.
“Qatar’s position as a leading global LNG exporter is set to strengthen further, with 2024 marking the continued expansion of its liquefaction capacities,” GECF said.
The Middle East is projected to hold an 18% share of global liquefaction investments, with Qatar leading the charge through its North Field Expansion (NFE and NFS).
“These projects will significantly boost Qatar’s LNG output, solidifying its position as a cost-competitive, high-volume supplier to Asia and Europe,” GECF said.
Qatar aims to nearly double its LNG production capacity, increasing output by approximately 85% from the current 77 mtpy to 142 mtpy by 2030.
This ambitious growth, led by the North Field Expansion project, will be implemented in three phases – through the North Field East (NFE), South (NFS), and West (NFW) expansion projects – and could contribute to a global oversupply later in the decade.
“This significant expansion will underpin Qatar’s continued and sustainable economic growth, aligning with the Qatar National Vision 2030,” GECF said.
GECF noted Qatar remains the dominant player in the Middle East’s midstream gas sector. With the North Field East (NFE) and North Field South (NFS) expansion projects, Qatar is set to significantly increase its LNG export capacity by 65 mtpy, bringing the total to 142 mtpy by the early 2030s.
The NFE project, valued at approximately $29bn is expected to commence operations by 2026, while the NFS project, estimated at over $14bn will follow shortly thereafter.
These projects are supported by partnerships with leading global energy companies such as Exxon Mobil, Shell, Total Energies, and Eni, ensuring robust financing and access to advanced technology. “Qatar’s long-term contracts and reliable export infrastructure further enhance its role as a stable LNG supplier to Asian and European markets,” GECF said.
