Fall in Qatar Energy's 2023 Profit

Qatar Energy on Tuesday reported 101.9 billion riyals (US$27.96 billion) in net profit for 2023, down 32% from 2022 when gas prices surged following Russia's invasion of 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 United States intensified following Europe's decision to wean itself off dependence on Russia's pipeline gas following Moscow's invasion of Ukraine. The U.S. filled the supply vacuum to become the world's biggest LNG exporter in 2023, surpassing Qatar, though Qatari supplies also helped replace the volumes.

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