Qatar Remains Bullish On LNG Markets

Qatar Petroleum remains bullish on long term LNG markets

Though much of the world is calling for the end of natural gas usage as it seeks to decarbonize the planet, legacy gas producer Qatar is ramping up its long term liquefied natural gas (LNG) forecast.

State-run gas giant Qatar Petroleum (QP) said in a bond prospectus that global demand for LNG will continue to climb over the next two decades, helping shore up sustained use of the super-cooled fuel and as such its own profitability.

QP expects natural gas demand to grow at a rate of 1.5% a year, driven higher by economic expansion and a broad shift away from dirtier-burning coal. It then sees demand peaking around 2040, roughly 15 years later than forecasted by the Paris-based International Energy Agency (IEA), advisor to most major economies except China.

The IEA said in its Net Zero by 2050 report that gas would peak as early as the mid-2020s. It goes on to forecast that by mid-century gas usage will plunge as much as 55% lower 2020 levels.

QP, however, sees even more upside for LNG than overall gas usage, with the super-cooled fuel growing 3.6% per annum to 2040 even…