Reportedly, this is due to the fact that the company has not been able to come to an agreement with Qatar regarding pricing.
Reuters quoted Prabhat Singh, managing director of Petronet LNG, as saying: “Qatar is still at a very preliminary stage. We were actually looking at getting the molecule (gas) at the wellhead price. They want to sell it at market price.”
According to Reuters, Petronet LNG was looking to partner with ONGC Videsh Ltd (OVL) in order to acquire a stake in an upcoming exploration and LNG project in Qatar. OVL is the overseas arm of Oil and Natural Gas Corp. Ltd, which is India’s largest explorer.
Reuters reports that this project would have represented Petronet’s first steps into the gas exploration and production business and overseas LNG terminals.
Read the article online at: https://www.lngindustry.com/liquefaction/16102018/petronet-lngs-talks-to-invest-in-qatar-exploration-and-production-sector-slow-down/