QatarEnergy’s plans for North Field shows massive scale of reserves
Published by Callum O'Reilly,
Senior Editor
Hydrocarbon Engineering,
QatarEnergy’s announcement that it plans to proceed with a new LNG expansion project that will have a 16 million tpy capacity highlights the massive scale of gas reserves at its super giant North Field, according to a report by Wood Mackenzie.
The report states that the proposed new project named ‘North Field West (NFW)’ will be supplied by the western sector of the North Field and is the result of appraisal drilling and further studies that have increased recoverable gas estimates from 240 trillion ft3 to over 2000 trillion ft3. Corresponding condensate volumes have increased from 70 billion bbl to over 80 billion bbl.
“This is a signal of intent by QatarEnergy and the expansion plus reserve increases reassure buyers that while there are uncertainties in other pre-FID projects around the world, Qatar has the volumes”, said Fraser Carson, Senior Research Analyst of Global LNG at Wood Mackenzie. “The timing is fortuitous - the Biden administration has paused US LNG export approvals, Russian LNG is sanctioned and civil unrest continues in Mozambique. As other major LNG competitors stall, QE continues to expand its capacity at pace.” The report adds that NFW LNG plant will have a 16 million tpy capacity, likely from a pair of 8 million tpy mega trains, as utilised in the recent North Field South (NFS) expansion. Once fully ramped, NFW will take Qatar’s LNG production capacity to 142 million tpy.
“This project also expedites the monetisation of the gigantic North Field gas resource, a priority given the uncertainties of the energy transition,” Carson said. “QatarEnergy is incentivised to make sure its gas remains affordable to emerging LNG buyers to entrench the role of gas and LNG in these economies.”
The report also states that once the NFW expansion comes online it will likely take Qatar’s total production – currently forecast to peak at around 6.4 million boe/d in 2030 – over the 7 million boe/d threshold.
“With oil production forecast to decline post-2030, the added condensate volumes will help stabilise the country’s liquids output,” Carson said.
The report concludes that global gas demand will grow by 13.5%, or more than 500 billion m3, between 2023 and 2033, supported primarily by Asian demand. During the same period, global LNG demand will grow by more than 200 million t. Qatar is advantaged by its location. It can meet long-term demand growth in South and South East Asia, while still delivering into Europe when required.
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/27022024/qatarenergys-plans-for-north-field-shows-massive-scale-of-reserves/
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