QatarEnergy sees a 58% rise in profits in 2022

Qatar

DOHA, July 20, 2023 – QatarEnergy has seen an almost 58% rise in annual net profits in 2022 to the tune of USD 42.5 billion, Reuters reported on Tuesday.

QatarEnergy plans on supplying the international market with 40% of its LNG demand by 2029 due to its expansion plans.

Qatar’s North Field expansion project aims to produce 48 million tonnes per year of LNG by 2027, pushing Qatar’s overall LNG capacity to around 126 million tonnes per year.

The first LNG shipment from the NOC’s North Field expansion project is expected to be delivered in 2026.

Qatar is currently the world’s top LNG exporter.

Other energy giants have posted raised annual profits as oil and gas prices surged in 2022, with ExxonMobil posting earnings of USD 56 billion, Shell posting earnings of 40 billion and Saudi Aramco posting earnings of USD 161 billion.

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