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Qatar Petroleum announces spending cuts

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LNG Industry,

According to Reuters, Qatar Petroleum (QP) is set to cut its spending by approximately 30%, in response to the sharp declines in oil and gas prices caused by the COVID-19 coronavirus pandemic.

QP’s CEO, Saad al-Kaabi, announced the cuts while speaking during a US-Qatar Business Council webcast. In his own words: “We are going through budget revisions... In June we will be somewhere in the range of 30% reduction in expenditure, CAPEX and OPEX.”

The impact of these cuts on QP’s LNG business would appear to be minimal as, following their announcement, al-Kaabi stated that QP’s plans for the expansion of its LNG capacity will remain on track for the mid-2020s. Furthermore, he continued to say that QP will not cut its gas exports during the current season of weaker demand, in light of the fact that gas prices have suffered less than oil prices due to continued demand for electricity.

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