Qatar Petroleum will postpone the start of production from its new gas facilities to 2025 due to a delay in the bidding process, but is not downsizing the world's largest liquefied natural gas project despite concerns of a mounting glut, its chief executive told Reuters.
Kaabi said the company had been expecting to receive final bids from contractors for the first phase - the North Field East project, which will involve the construction of four trains - this month. With global commodities prices coming down, Kaabi added that he expects commercial bids to come in at a lower rate.
Reuters reported in February that QP had delayed choosing Western partners for the expansion by several months after a collapse in global gas prices. Indian buyers of Qatari LNG issued a force majeure notice to Qatar seeking to delay loading of LNG cargoes under long-term deals due to the demand drop. PetroChina has also suspended some natural gas imports, including LNG shipments.
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