In a significant development, Qatar has inked a momentous agreement with British energy giant Shell to supply natural gas over a 27-year period, as per an announcement by Qatar's state-owned energy company. This move comes as a response to the urgent need for European countries to fill the gap created by the disruption in natural gas supplies from Russia following the events of Moscow's invasion of Ukraine last year.
QatarEnergy is set to provide Shell with 3.5 million tonnes of natural gas annually, thanks to two pivotal agreements that secure Shell's share in Qatar's expansive North Field gas project. These agreements not only strengthen the existing long-standing partnership between Qatar and Shell but also hold strategic implications on a global scale, as stated by Qatar's Energy Minister, Saad al-Kaabi.
"We are thrilled to formalize these two extensive LNG sale and purchase accords with Shell, which will further fortify our enduring relationship and strategic alliance in Qatar and across the world," expressed Minister Saad al-Kaabi. He emphasized how these agreements underscore Qatar's commitment to supporting Europe's energy requirements and enhancing its energy security with a source renowned for its economic and environmental advantages.
The pact with Shell is of equal duration to another recent deal with France's TotalEnergies, announced earlier this month, ensuring a 27-year supply of natural gas. These endeavors highlight Qatar's ambitious expansion plans in the North Field, aiming to boost liquefied natural gas (LNG) production by 60% or more, ultimately reaching a remarkable 126 million tonnes annually by 2027.
Historically, the primary market for Qatari gas has been centered in Asia, led by countries like China, Japan, and South Korea. However, with these groundbreaking agreements, Qatar is now making significant strides in reinforcing Europe's energy security and addressing its growing energy needs. Rotterdam is expected to receive its first deliveries of liquefied natural gas (LNG) as a result of this partnership starting in 2026.
Govt Enhances Scrutiny of International Transactions Over Rs 50,000; See Money Laundering Rules
India's Ascent to Top Global Economies: PM Modi at Global Maritime Summit
