QP set to become 100% owner of Qatargas 1
Qatar's state gas company Qatar Petroleum (QP) is set to become the 100% owner at the start of next year of Qatargas 1 (QG1), the operator of 10mn metric tons/year of liquefaction capacity, after opting not to renew its joint venture agreement with its foreign partners.
QG1 was established in 1984 and developed Qatar's first three liquefaction trains, beginning the kingdom's journey towards becoming the biggest LNG exporter in the world. QP's partners in the venture are Total, ExxonMobil and Japanese companies Marubeni and Mitsui.
|
Advertisement: The National Gas Company of Trinidad and Tobago Limited (NGC) NGC’s HSSE strategy is reflective and supportive of the organisational vision to become a leader in the global energy business. |
"The takeover of QP will conclude more than 25 years of successful operations of QG1, from which the first ever Qatari LNG cargo was exported," QP CEO and Qatari energy minister Saad Sherida Al-Kaabi said in a statement on March 30. "This is a momentous event that highlights QP's efforts to further enhance the utilisation of our natural resources for the benefit of our country and its current and future generations as well as to continue serving the world's need for cleaner energy.
QP's move to consolidate control over QG1 comes as it pushes ahead with a $29bn expansion of its LNG production, set to raise its liquefaction capacity from the current 77mn mt/yr to 110mn mt/yr by 2027. The company took a final investment decision on the project in February, but is still seeking foreign partners to share costs and risks. It is understood to be in talks with Chevron, ConocoPhillips, Eni, ExxonMobil, Shell and Total.