Qatar, Middle East News: LNG Expansion Plans Remain in Place - Bloomberg:
The world’s biggest liquefied natural gas producer plans to reduce its spending by about 30%, but cuts won’t affect Qatar Petroleum’s current production or expansion plans, said Saad Al-Kaabi.
“All the major capital projects are moving ahead,” said Al-Kaabi, the company’s chief executive officer and the country’s energy minister, in an online briefing Thursday. QP won’t cut capital expenditure in projects “that affect production or future developments,” only those that were “good to have” but not essential, he said.
QP told its employees it would finalize plans to cut its workforce and investments after the Eid-al-Fitr holiday starting in the next few days. Al-Kaabi declined to say how many jobs would be cut.
Oil and gas companies globally are reducing spending in response to low energy prices. Prices at European and U.S. gas hubs have crashed to below $1.50 per MMBtu from almost $12 at their peak last year. The Japan-Korea Marker, a benchmark for LNG delivered to northern Asia, is trading near $2 per MMBtu.
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The port of Ras Laffan, north of Doha, Qatar.
Source:: Copernicus Sentinel 2017/ Orbital Horizon/Gallo Images/Getty Images
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The world’s biggest liquefied natural gas producer plans to reduce its spending by about 30%, but cuts won’t affect Qatar Petroleum’s current production or expansion plans, said Saad Al-Kaabi.
“All the major capital projects are moving ahead,” said Al-Kaabi, the company’s chief executive officer and the country’s energy minister, in an online briefing Thursday. QP won’t cut capital expenditure in projects “that affect production or future developments,” only those that were “good to have” but not essential, he said.
QP told its employees it would finalize plans to cut its workforce and investments after the Eid-al-Fitr holiday starting in the next few days. Al-Kaabi declined to say how many jobs would be cut.
Oil and gas companies globally are reducing spending in response to low energy prices. Prices at European and U.S. gas hubs have crashed to below $1.50 per MMBtu from almost $12 at their peak last year. The Japan-Korea Marker, a benchmark for LNG delivered to northern Asia, is trading near $2 per MMBtu.
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