Qatar Petroleum (QP) is pressing ahead with foreign as well as domestic expansion despite the global market turmoil caused by the coronavirus ...
Qatar Petroleum is pressing ahead with foreign as well as domestic expansion despite the global market turmoil caused by the coronavirus pandemic, its chief executive told Reuters on Monday.
Kaabi told Reuters QP will postpone the start of production from its new gas facilities until 2025 following a delay in the bidding process, but is not downsizing the world's largest LNG project, the North Field expansion. Energy companies worldwide have cut spending as oil prices plummeted to 18-year lows, dragging gas prices down with them, after a producer supply pact collapsed in March just as the impact of lockdowns to limit the spread of the new coronavirus destroyed demand.
Exxon and Qatar Petroleum made a final investment decision to build the project in February and expect the project to begin production in 2024.
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