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Qatar to sign more long-lasting LNG contracts this year, QatarEnergy CEO says

Qatar has not had trouble securing longterm liquefied gas (LNG) agreements and will sign more this year, QatarEnergy CEO and State Minister for Energy Saad alKaabi said at an economic forum on Wednesday.

We've actually secured 25 million tons of long-lasting LNG sales (in the last 12 months) and I can tell you likewise on this podium that we're signing more this year, he said.

State-owned QatarEnergy has actually been signing supply handle European and Asian partners for gas that is expected to come onstream from its huge North Field growth, part of the world's largest natural gas field which Qatar show Iran, which calls it South Pars.

Qatar, among the world's largest LNG exporters, announced an extra growth of its LNG production in February that will add 16 million metric heaps each year to its initial strategies, bringing overall capacity to 142 million lots per year from 77 million tons.

Kaabi stated he sees big future need for LNG and Qatar would continue to evaluate its gas reservoirs for possible future growth.

We are really bullish on demand going forward, Kaabi stated.

Kaabi also re-iterated that should technical examinations program Qatar might further broaden production it would.

If there is more we probably will do more, he said.

Competitors for LNG had increase because the beginning of the war in Ukraine in February 2022.

Europe, in specific, requires huge quantities of the fuel to assistance replace the Russian pipeline gas that had actually made up practically 40% of the continent's imports.

On Wednesday, Kaabi said he saw a future need for more LNG in European markets.

The convenience that they get in Europe is since they had 2 very warm winter seasons and they filled up all the storages and they didn't need to use much of it, he stated.

So if you have two extreme winters or typical winters ... you're constantly going to need a lot more LNG. And the world will need far more LNG with the development and I don't see an oversupply.