Doha, Qatar — QatarEnergy’s net profit increased by about 58 percent in 2022, to reach QR 154.6 billion ($42.46 billion), compared to QR 97.9 billion in 2021, QNA reported.
The company’s bumper profits sprang from an increased demand for liquefied natural gas (LNG) spurred by Russia’s invasion of Ukraine. Nearly 40 percent of all LNG that will come to the market by 2029 is going to be from QatarEnergy.
QatarEnergy is working on increasing its production capacity of LNG by 64 percent to raise production to 126 million tons annually by 2027, compared to the current 77 million. Qatar is the world’s top LNG exporter.
The first gas shipments from the North Field Expansion Project are expected to be delivered in 2026.
In April, QatarEnergy agreed to hold a 25 percent share in the Gas Growth Integrated Project (GGIP) – a multi-billion-dollar project aimed at monetizing and developing the natural gas resources of Iraq.
The GGIP consortium will be composed of Basra Oil Company (30 percent), TotalEnergies (45 percent), and QatarEnergy (25 percent), subject to the finalization of necessary contractual arrangements and customary regulatory approvals.
In May, the company awarded a major contract worth approximately $10 billion to a joint venture between Technip Energies and Consolidated Contractors Company.
The contract is for the engineering, procurement, and construction of the North Field South (NFS) project, which involves the construction of two large liquefied natural gas (LNG) trains with a combined capacity of 16 million tons per year.
Technip Energies holds the majority of the capital in the joint venture, while Consolidated Contractors Company is a renowned global engineering and construction firm.