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Malaysia Secures LNG Deal with QatarEnergy
4 Feb
Summary
- Malaysia's Petronas to sign LNG supply deal with QatarEnergy.
- The contract is for up to 2 million metric tons per annum of LNG.
- Qatar's North Field expansion will boost output significantly by 2027.
Malaysia's state-owned energy firm, Petronas, is set to sign a liquefied natural gas (LNG) supply agreement with QatarEnergy. This deal aims to bolster Malaysia's super-chilled fuel supplies as it grapples with diminishing domestic reserves and increasing local demand.
The contract reportedly involves up to 2 million metric tons per annum of LNG. This development comes as QatarEnergy prepares to significantly expand its LNG production capabilities. The nation's massive North Field expansion project is projected to commence production in the second half of 2026.
Upon reaching full capacity by 2027, the North Field expansion is expected to yield 126 million metric tons of LNG annually. This represents an approximately 85% increase from QatarEnergy's current output, solidifying its status as a leading global LNG exporter.
Petronas has been actively seeking new gas opportunities internationally and forging partnerships to secure long-term LNG import deals. The firm is also working on establishing a third regasification plant in Malaysia to enhance its capabilities.
