Qatar Economic Outlook Issue Number 13

Table 1 for Box (1-4): Global Infrastructure for LNG Production and Export 
2019 
2020 
and 
Feb2021 
Global LNG Trade (MT) 
354.7 
356.1 
Global liquefaction capacity (MTPA) 
432.9 
452.9 
Global nominal regasification capacity (MTPA) 
831.1 
850.1 
Global Floating and Offshore Regasification Capacity (MTPA) 
109.9 
115.5 
Proposed aspirational liquefaction capacity in pre-FID stage 
(MTPA) 
826 
892.4 
LNG fleet (Vessels) 
541 
572 
Source: IGU World LNG report - 2021 

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Qatar Economic Outlook 2021 - 2023 
26 
Qatar and International Trade in 
LNG 
According to the 2021 BP Statistical Review 
of World Energy, the State of Qatar’s natural 
gas reserves are (about 24.7 trillion cubic 
meters or 18.4 billion metric tonnes LNG 
equivalent), which represents about 12.5% of 
the world’s proven gas reserves at the end of 
2020. Qatar’s LNG production during 2020 
amounted to around 171.3 billion cubic 
meters
or 126 million metric tonnes LNG 
equivalent, which is equivalent to 4.4% of the 
world's total natural gas production, making it 
the fifth-largest natural gas producer in the 
world (after the United States, Russia, Iran, 
and China). 
According to the annual World LNG Report 
2021 issued by the International Gas Union 
(IGU), Qatar ranked second in LNG exports 
in 2020, with a quantity of 105 billion cubic 
meters LNG or 77.1 million metric tonnes 
LNG equivalent, i.e. 21.65% of the total 
global exports of about 356.1 million metric 
tonnes LNG.
Qatar’s LNG exports competed with 
Australia’s for first place in 2020, although it 
ranked second, but it is expected that the 
State of Qatar will gain a position as the pre-
eminent and largest exporter by 2026, when 
the production of the North Gas Field project 
begins to gradually raise annual exports of 
LNG from the current 77 million metric tonnes 
to 110 million metric tonnes, then attaining 
126 million metric tonnes by the end of 2027. 
Qatar Energy
14
has completed a number of 
steps towards the implementation of the 
North Field Gas Project, which, as Box (1-6) 
indicates, which of the most important are: 
14
Changed its name in October 2021 from Qatar 
Petroleum 
•
Announcing the final investment decision 
in February 2021 to finance 30% of the 
total cost of the first phase of the project, 
which amounts to about $28.75 billion. 
•
Multi-tranche bonds were launched in 
July 2021, to cover part of the total cost, 
in the amount of $12.5 billion. 
•
The tender for all engineering and 
construction works was awarded to the 
Spanish company "Teknicas Reunidas" at 
the end of August 2021. 
Qatar Energy also expanded its business 
scope in the field of supplying LNG, as it 
signed during the period (January 2020 - 
September 2021) a number of contracts to 
supply several energy companies in China, 
Pakistan, Bangladesh, Singapore, Korea, 
and Taiwan with a total amount of about 12.3 
million tons.
Further, it also signed investment contracts in 
the field of oil and gas offshore exploration, 
operations and construction of infrastructure 
in the field of docks, and gas liquefaction in 
South Africa, China, Suriname, Namibia, the 
United Kingdom, Cote d'Ivoire, and Mexico. 
Currently, Qatar Energy owns an LNG 
shipping fleet consisting of 45 Q-Flex and Q-
Max ships.
Moreover, QE has signed agreements with a 
number of major Korean and Chinese 
shipyards to reserve LNG ship construction 
capacity for building as many as 100 new 
LNG carriers at an estimated cost of about 
QR 70 billion, equivalent to about US $19 
billion. 

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