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Qatar massive Gas production increase: Good news for Europe energy security
- Qatar massive gas production increase, is good news for Europe energy security, and probably good news also for decarbonization.
Qatar, the third largest Liquefied Natural Gas (LNG) exporter, just announced its largest increase in gas production ever. The expansion of the North Field, the world’s largest gas field, from 77 million tons per annum (mtpa) to 142 mtpa by 2030 represents an 85 percent increase in production. This expansion, which is trillions of dollars’ worth of natural gas reserves, comes at a time when global demand for LNG is high, particularly in Europe and in Asia. Prices are historically low compared to the high prices of the 2022 supply crunch which resulted in 600 per cent energy inflation in Europe. Through this expansion, Qatar will secure an even bigger share of the global natural gas trade, adding more than $30 billion to its annual revenue in the process (Bloomberg 2024).
Qatar, being a low-cost LNG supplier, is poised to benefit from these production expansion plans. Additionally, the country’s reputation as a reliable supplier will increase, especially following the temporary pause in production increase in the U.S. The expansion of Qatar’s gas production also contributes to global energy security, providing stability to markets that have been affected by…
