All posts tagged: QatarEnergy

QatarEnergy Declares ForceMajeure For LNG Shipments Through May, Representing As Many As 90 Cargoes

QatarEnergy Declares ForceMajeure For LNG Shipments Through May, Representing As Many As 90 Cargoes

Published by Jenni Sidey

The already dismal LNG supply situation just got worse. With up to 20% of global LNG flows shuttered due to the ongoing blockade of the Hormuz Strait and the extensive damage of Qatar LNG infrastructure, QatarEnergy has declared force majeure on some of ⁠its long-term liquefied natural gas (LNG) supply contracts, including ‌for customers ⁠in Italy, Belgium, South Korea ⁠and China, effectively canceling contractual obligations. That would represent as many as 90 cargoes according to Bloomberg. The move on Tuesday comes amid ongoing production and supply disruptions caused by the United States-Israeli war on Iran. Force majeure is a clause in contracts that allows a party to be excused from its obligations due to unforeseeable events. Petroleum companies in Kuwait and Bahrain have also recently invoked force majeure. Last week, QatarEnergy CEO Saad al-Kaabi said an Iranian attack on Qatar’s Ras Laffan gas facility wiped out about ⁠17 percent of the country’s LNG export capacity, causing an estimated $20bn in lost annual revenue and threatening supplies to Europe and ⁠Asia. Repairs are expected to take 3-5 …

QatarEnergy Declares Force Majeure As One-Fifth Of Global LNG Supply Goes Dark

QatarEnergy Declares Force Majeure As One-Fifth Of Global LNG Supply Goes Dark

Published by Jenni Sidey

Qatar’s long-standing image as the world’s most reliable LNG supplier abruptly ended on Wednesday after QatarEnergy halted LNG production and declared force majeure to customers, a major shock to global gas markets given that Qatar accounts for 20% of global LNG exports, with 80% of those volumes to Asia.  “Further to the announcement by QatarEnergy to stop production of liquefied natural gas (LNG) and associated products, QatarEnergy has declared Force Majeure to its affected buyers,” QatarEnergy wrote in a press release on Wednesday morning. Qatar’s LNG chief Saad Sherida Al-Kaabi is confronting the biggest energy shocks of his career after an Iranian drone strike earlier this week forced the shutdown of Ras Laffan, Qatar’s top LNG export hub, for the first time in three decades.  The most immediate consequence is reputational. Wall Street analysts say the drone attack may permanently weaken Qatar’s ability to command premium gas pricing and long-term contract terms, as customers, especially in Asia, rethink their exposure to U.S. LNG in the calm warm waters of the Gulf of America.  The duration …

Gas prices soar as QatarEnergy halts LNG production after Iran attacks | Energy News

Gas prices soar as QatarEnergy halts LNG production after Iran attacks | Energy News

Published by Sam Flores

Qatar’s state-run energy firm says it has halted liquefied natural gas production after Iranian attacks, sending gas prices soaring in Europe and Asia, as Saudi Arabia announced it was temporarily shutting down some units of the Ras Tanura oil refinery located near the country’s eastern region after a fire broke out following a drone attack. “Due to military attacks on QatarEnergy’s operating facilities in Ras Laffan Industrial City and Mesaieed Industrial City in the State of Qatar, QatarEnergy has ceased production of liquefied natural gas (LNG) and associated products,” the world’s largest LNG producer said in a statement on Monday. Recommended Stories list of 3 itemsend of list Shortly after the announcement, benchmark Dutch and British wholesale gas prices soared by almost 50 percent, while benchmark Asian LNG prices jumped almost 39 percent. Earlier, Qatar’s Defence Ministry said the country was attacked by two drones launched from Iran. “One drone targeted a water tank belonging to a power plant in Mesaieed, and the other targeted an energy facility in Ras Laffan Industrial City, belonging to …

Petronas signs 20-year LNG supply deal with QatarEnergy

Petronas signs 20-year LNG supply deal with QatarEnergy

Published by Sam Flores

DOHA: QatarEnergy will supply Petronas 2 million metric tons a year (mtpa) of liquefied natural gas (LNG) in a 20-year deal, the Malaysian state-run firm said on Wednesday (Feb 4), helping address the country’s rising gas demand amid dwindling reserves. The deal, signed at the LNG2026 conference in Doha, is the first long-term supply arrangement between the two countries and follows Qatar’s 27-year LNG supply deal with Japan last week. Petroliam Nasional, or Petronas, is actively pursuing investments in new natural gas fields abroad and seeking partnerships with foreign firms to boost extraction, while seeking LNG import deals amid falling local reserves. “The long-term volumes secured through this agreement will play a critical role in reinforcing Malaysia’s energy supply security, ensuring stable and reliable LNG availability to meet growing demand in Malaysia,” Petronas said in a statement. Malaysia, the world’s fifth-largest LNG exporter, expects to significantly boost its imports to address rising power demand from data centres. Petronas has signed LNG import deals with Woodside Energy, Commonwealth LNG, Venture Global and ADNOC in recent years, …