- QatarEnergy and Nakilat have finalized a significant time-charter agreement.
- This batch of contracts represents the second phase of QatarEnergy’s LNG fleet expansion.
- QatarEnergy is actively expanding its natural gas reserves
QatarEnergy and Nakilat have finalized a significant time-charter agreement for 25 LNG vessels, marking a milestone in Qatar’s LNG shipping program, reports Offshore Energy.
Multi-Year Time-Charter Party Agreements
The 15-year TCP agreements were signed on March 24, 2024, solidifying Nakilat’s role as the owner and operator of these vessels.
Vessel Specifications and Power
The 25 vessels, with a capacity of 174,000 cubic meters each, will be chartered to affiliates of QatarEnergy. Many of these vessels are expected to be powered by WinGD’s X-DF engines.
Phase Two of LNG Fleet Expansion
This batch of contracts represents the second phase of QatarEnergy’s LNG fleet expansion program. Construction of the vessels began after a $3.9 billion contract was awarded to Hyundai Heavy Industries in September 2023.
Qatar’s Energy Strategy
Saad Sherida Al-Kaabi, Qatar’s Minister of State for Energy Affairs and President and CEO of QatarEnergy, emphasized the significance of these agreements in supporting Qatar’s LNG production expansion plans, which aim to reach 142 million tons per annum by 2030.
Role of Natural Gas in Qatar’s Energy Policy
QatarEnergy’s CEO highlights the importance of natural gas in ensuring energy security and driving decarbonization efforts, emphasizing the need for a balanced approach between security, affordability, and sustainability.
Expansion Projects and Future Production
QatarEnergy is actively expanding its natural gas reserves, particularly through projects like the North Field East (NFE), North Field South (NFS), and the newly announced North Field West (NFW) expansion project. These endeavors are poised to significantly increase Qatar’s LNG production capacity by 2030.
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Source: offshore energy
