Hormuz are recovering, but remain far below pre-war levels.
Last month, QatarEnergy chief executive and Minister of State for Energy Affairs Saad Sherida Al Kaabi said the first unit was expected to come online in the first half of 2027. He warned that disruption to shipping through the Strait of Hormuz could delay equipment deliveries for later units.
North Field East includes four large production lines, known as trains, each designed to produce about 8 million tonnes of LNG a year. The project is intended to raise Qatar’s export capacity from 77 million to 110 million tonnes annually. The five-year loan was provided by Bank of China, Industrial and Commercial Bank of China, Agricultural Bank of China and China Construction Bank (Asia), according to Bloomberg.
The deal would add to Chinese banks’ lending in the Gulf, which rose more than fivefold to a record US$11.5 billion (QR41.9 billion) in 2025, excluding bilateral loans, according to data compiled by Bloomberg.
The first liquefied natural gas (LNG) train under QatarEnergy’s North Field East expansion project will be ready to start operation in November, two people aware of the company’s plans said, offering Qatar a path to restoring some output lost to Iranian attacks.
Launching the train would be a major milestone for the world’s largest LNG expansion project at a time when Qatar is still recovering from the damage caused by attacks on Ras Laffan, which wiped out 17 percent of the country’s LNG capacity.
LNG production from the train is expected to start in the first quarter of 2027, the people said.
QatarEnergy did not immediately respond to Reuters’ request for comment while there have been reports that the company’s LNG expansion targets in early 2027 production is being facilitated with a US$3 billion (QR10.92 billion) loan from Chinese banks as war damage and shipping risks constrain exports. Shipments through Hormuz are recovering, but remain far below pre-war levels.
Brazil. QatarEnergy will hold a 30 percent participating interest, alongside operator Petrobras, which will hold 70 percent.
Commenting on this occasion, Minister of State for Energy Affairs and President and CEO of QatarEnergy HE Saad Sherida Al Kaabi said, “We are pleased with the success of these bids, which add prospective acreage to our upstream portfolio in Brazil. I would like to thank our valued partner Petrobras, with whom we worked closely on this partnership, as well as ANP and the Brazilian authorities for their valuable support. We look forward to further strengthening our partnership, and to work with all stakeholders for a successful exploration.”
The concession contracts further strengthen and expand QatarEnergy’s upstream position in Brazil and are expected to be signed in the first half of 2027.
The Equatorial Margin blocks have a combined area of approximately 4,700 square kilometres and are situated in water depths of about 2,000-3,600 meters off the northeastern coast of Brazil in the Ceara Basin.
