In the year 1971, natural gas was first discovered in the North Field area, spread across 6000 square kilometers, and situated in Qatar off its northeast coast. Several drilling assessments for over 15 years further confirmed that the field was the largest non-associated natural gas field globally. It was also home to about 10% of the world’s total known reserves. This is how Qatar became the owner of the third-largest gas reserves worldwide. The NFB (North Field Bravo off-shore) complex started working in the year 1996, while the RGA (RasGas Alpha off-shore) complex began in 1999.
As of 2021, Qatar’s LNG exports are expected to rise by about 64% through the two-phase North Field expansion project. In addition, it is anticipated to raise the capacity from about 77 million metric tons per year to a further 126 million metric tons annually by 2027. Once completed, it will lead Qatar to become the leading exporter of LNG on a global level.
Historically, the majority of Qatar’s LNG exports so far were a part of long-termed oil-indexed contracts. However, over the past few years, the country has been inclining towards more short-termed contracts along with sales through the spot market. Hence, these factors are set to drive the LNG market growth in Qatar.
Major LNG companies in the country are RasGas, Qatargas, and others.