Lifting the North Field moratorium to increase LNG production by 30% to 100mn tonnes a year by 2024
HE the Minister of Energy and Industry Dr Mohamed bin Saleh al-Sada has reiterated Qatar’s determination “to remain a leading player and a reliable supplier of LNG” and said lifting the North Field moratorium will result in an increase in the country’s liquefied natural gas production by 30% to 100mn tonnes a year by 2024.
Qatar’s strategy, al-Sada said, was “evident from the recent visionary directive of His Highness the Emir Sheikh Tamim bin Hamad al-Thani to lift the moratorium on the development of its North Field reservoir.”
The minister was delivering a keynote address at the 6th LNG Producer-Consumer Conference held in Tokyo yesterday entitled “Development of LNG markets in Asia”.
Al-Sada said natural gas was “steadily becoming the fuel of choice” across the globe, and the “ideal and practical bridge” towards the lower carbon future.
He said natural gas has the highest projected annual growth rate of about 2% for the next 15 years. Liquefied natural gas is expected to grow at more than double this rate, ranging between 4% and 5%, and that its use will extend beyond power to include long-haul transport and marine sectors.
Al-Sada reiterated Qatar “highly valued its relationship” with its customers and “would not compromise its image” as a reliable supplier, even under unfortunate circumstances.
The minister said, “The illegal and unjustifiable blockade that has been imposed on the State of Qatar since last June, has not prevented it from honouring its contractual commitments and time schedules, without missing on even one shipment to its ‘valued customers worldwide’, including supplies to one of the blockading countries.”
Qatar has not even invoked the “force majeure” option, driven by its belief that “brothers should not be penalised for the political misadventures of their governments”.
Al-Sada expressed Qatar’s appreciation to “all countries, partners and customers who have stood by us in these testing times”.
He highlighted Qatar’s determination “to remain a leading player and reliable supplier of LNG”.
“Qatar was also in the process of merging its two giant LNG companies Qatargas and RasGas to enhance the efficiency of the new entity and its market outreach, with the aim to serve its customers better and maximise its economic feasibility,” al-Sada noted.
The minister had earlier met with a number of senior officials from Marubeni, Mitsubishi, Japan LNG, Itochu and Chiyoda.
Today, he will meet with senior officials from more Japanese energy companies. He will also head Qatar’s delegation to the 11th Qatar-Japan Economic Committee meeting.
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