Qatar has no plans to reduce LNG production
Qatar, the largest producer of liquefied natural gas (LNG) in the world, has no plans to reduce its production, and maintains plans to increase LNG capacity from the current 77 million tons per year to 110 million t/y by 2025 and 126 million tons per year by 2027, press service, Qatar Petroleum are the words of the energy Minister and the head of the company Sharida Saad al-Kaabi. He noted that in June, the company will reduce capital and operating costs by 30%.
According to the Minister, the low cost will help Qatar to withstand low gas prices, and currently the state is not considering reducing production. “Actually, we’re going to expand and even produce more than the target of 126 million tonnes of LNG per year, if and when it becomes available,” said al-Kaabi.
The Minister stressed that Qatar Petroleum is a manufacturer with the lowest cost and can withstand market shocks. “We are in a very good financial position and are still learning about good opportunities for investment,” he said, noting that Qatar Petroleum is planning the expansion of its international business and will continue to purchase potential exploration blocks around the world.
“In a situation of forced reduction in production because of the price, many manufacturers will reduce production ahead of Qatar because of its production costs, therefore, for Qatar it is absolutely impossible that it will reduce production,” – said the head of the company.