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Qatar: banking on long-term LNG prospects [Gas in Transition]
May 6, 2021 6:15:am
Summary The surge in final investment decisions (FIDs) worldwide for new LNG production capacity in 2019 and the downturn in prices in winter 2019/2020, which lasted most of last year, has done nothing to derail Qatar’s LNG ambitions. Plans to develop up to 49mn mt/year of new production capacity over the next six years will cement the country’s position as the world’s dominant LNG producer in a market expected to expand even under accelerated energy transition scenarios. [Gas in Transition, Volume 1, Issue 1]
by: Neil Ford
In February, Qatar Petroleum (QP) formally took the FID on developing the $28.75bn North Field East Project (NFE), which will be the world’s biggest LNG investment to date. The company has been securing regasification capacity in Western Europe, agreeing deals for the construction of a fleet of state-of-the-art LNG carriers and promoting its
The rising hurdles for investment in upstream
How will the oil and gas industry spend its new-found cash flow? Early Q1 company results confirm our prediction that 2021 could prove to be a record year for free cash flow. All the indications are that companies are still fixating on capital discipline, using any surplus cash to pay down debt or buy back shares.
If and when the mood changes, there’s a sizeable pool of investment options in conventional oil and gas. But to progress in the current environment, these projects will have to meet both tough economic hurdle rates and increasing scrutiny against emissions reduction targets. Rob Morris, Principal Analyst Upstream Research team, shared his thoughts on the prospects for FIDs.
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The natural gas storage report from the EIA for the week ending April 9th indicated that the amount of natural gas held in underground storage in the US rose by 61 billion cubic feet to 1,845 billion cubic feet by the end of the week, which left our gas supplies 242 billion cubic feet, or 11.6% below the 2,087 billion cubic feet that were in storage on April 9th of last year, but now 11 billion cubic feet, or 0.6% above the five-year average of 1,834 billion cubic feet of natural gas that have been in storage as of the 9th of April in recent years..the 61 billion cubic feet that were added to US natural gas storage this week was less than the average forecast of a 65 billion cubic foot addition from an S&P Global Platts survey of analysts, and was also less than the 68 billion cubic feet added to natural gas storage during the corresponding week of 2020, but it far surpassed the average addition of 26 billion cubic feet of natural gas that have typically been injected into natural ga