Qatar's state-held energy company Qatar Petroleum (QP) has announced plans to invest US$20bn in the United States over the coming few years, in both onshore and offshore projects. The state-run operator earlier this month announced that it would quit the Organization of the Petroleum Exporting Countries (OPEC) after 57 years of membership in order to focus on developing its already substantial gas business, and in particular LNG operations.
The entrance on the US market will be possible after the exit only, since the US legislation known as NOPEC (No Oil Producing Exporting Cartels Act) could expose OPEC members to antitrust lawsuits. Therefore, leaving the OPEC opens new perspectives for QP, which will be free from potential legal risks in the US.
Besides, the company will announce by mid-2019 which foreign partner it will choose for the joint development of the new LNG trains it is developing in Qatar. QP is also ready to carry out the project alone, with no international oil company at its side if no interesting offers are submitted. The current development plan will boost its liquefaction capacity by 43% by the end of 2023, from the current 77 Mt/year to 110 Mt/year.
Interested in LNG Databases?
World LNG Database offers a complete set of data on LNG markets. The service provides detailed information on existing and planned liquefaction and regasification plants. It also includes LNG shipping around the world, LNG contracts, time series on regasification and liquefaction capacities, LNG flows and LNG prices for all players in the market.