Kuwait and Qatar approach new LNG supply deal

KUWAIT CITY, August 21, 2024 – QatarEnergy is in talks with Kuwait Petroleum Corporation for a new long-term agreement to supply LNG to Kuwait, Reuters reported on Wednesday citing trading and industry sources.

Under the terms of the deal, Qatar would supply 3 million tpy of LNG over 15 years from its North Field project. Located off the northeast shore of the Qatar peninsula, the North Field is the world’s largest gasfield, with around 10% of the globe’s known gas reserves.

The deal is expected to be announced in Q4, 2024, Reuters reported.

In February 2024, QatarEnergy announced the North Field West project to expand the asset’s production capacity by 16 million tpy after appraisal drilling and testing confirmed the presence of productive layers with significant additional quantities of gas.

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