Qatar is set to ink record volumes of long-term liquefied natural gas (LNG) offtake contracts in 2023, the country’s energy minister announced on Tuesday during a conference in Vancouver.
Minister of Energy Saad al-Kaabi highlighted that around 40% of new global LNG output will come from Qatar by 2029.
Last year, the Arab country approved expansion projects that will boost its LNG output by 64% to 126 million tons on an annual basis by 2027.
“Some people say by 2050 you don’t need gas anymore. I say you need more gas,” al-Kaabi said. “You need gas as a baseline to support wind and solar since the sun does not shine all the time and the wind does not blow all the time.”
The minister pointed out that it is important for Qatar Energy that the price negotiated with customers “is fair and sustainable” for both parties.
Demand for the supercooled gas surged following the Russian military operation in Ukraine, giving Qatar and the US significantly larger roles in supplying gas to Europe.
