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Only Qatar, Russia, US can ensure global LNG demand growth — Novatek CEO

Leonid Mikhelson noted that Qatar’s resource base was highly profitable, and decisions had been made to maximize the expansion of LNG projects

SAMARKAND, November 3. /TASS/. Growing global demand for liquefied natural gas (LNG) can only be satisfied by the resource bases of Qatar, Russia, and the United States, CEO of Novatek Leonid Mikhelson said.

"Global demand will increase, and only three resource bases will be able to meet it - Qatar, Russia, and the United States. More than 70% of global liquefaction is now planned based on these reserves," he said.

Mikhelson noted that Qatar’s resource base is highly profitable, and decisions have now been made to maximize the expansion of LNG projects. "In 2026-2027, several new projects will be launched in Qatar, due to which, we believe, the situation with gas prices should stabilize," he said.

He noted that European companies are now actively contracting Qatari LNG. "Please note that contracts have recently been signed with expiration dates beyond 2050," he added.

Qatar is implementing a project to expand the Severnoye field, which will increase the country's production capacity from 77 mln to 126 mln tons of LNG per year by 2026. By this date, the first volumes of LNG within the project are expected to be produced.

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