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LNG: Kuwait in Talks for New 3mtpa LNG Supply Deal with Qatar

LNG

Kuwait Petroleum Corporation in talks with Qatar Energy for a new 15-year LNG supply deal from the North Field project according to Reuters sources.

  • The deal for the supply of 3mtpa from the project, which is expected to commence operation in 2026, would help meet rising power generation demand.
  • Kuwait is also ramping up gas production as part of its 2040 growth strategy while boosting LNG especially to cover sharp rises in air conditioning during summer.
  • The deal is expected to be announced in Q4 2024, one source said.
  • Kuwait faced a second round of scheduled power outages this week, due to a defect in the gas supply, while urging residents to cut back on electricity use during peak consumption times.
  • Kuwait has an existing 15-year agreement with Qatar for the supply of 3mtpa of LNG until 2035.
  • The North Field expansion project aims to increase Qatar’s annual production capacity from 77mtpa to 142m tons by 2030.
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