Qatar Energy 2023 profit drops 32% as gas prices cool

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QatarEnergy on Tuesday reported $27.96bn (QAR101.9bn) in net profit for 2023, down 32 per cent from 2022 when gas prices surged following the outbreak of the war in Ukraine.

Qatar, already among the world’s top exporters of liquefied natural gas (LNG), announced an additional expansion of its LNG production in February that will add 16 million metric tons per annum (mtpa) to its original plans, bringing total capacity to 142 mtpa by 2030 from about 77 mtpa now.

Competition in the LNG market between Qatar and the US intensified following Europe’s decision to wean itself off dependence on Russia’s pipeline gas. The US filled the supply vacuum to become the world’s biggest LNG exporter in 2023, surpassing Qatar, though Qatari supplies helped replace the volumes.

Qatar Energy’s profit was roughly in line with that of oil major Shell.

Read: Qatar’s new LNG expansion plans to squeeze out competitors