QatarEnergy and Technip Energies have signed a $10 billion deal to develop the South Pars natural gas field shared between Qatar and Iran. The project includes two LNG production lines, increasing Qatar’s total production by 60% to reach 126 million tons by 2027. Sanctions against Iran have delayed the completion of its part of the field, which requires significant investment to maintain production levels. The global demand for Qatar’s gas has risen due to the Russian-Ukrainian conflict and sanctions on Russia, signaling a movement towards increased global investment in Gulf oil and LNG industries.
- Qatar signs $10bn project to develop gas field shared with Iran