Negotiations between Mitsui and QatarEnergy have advanced the details of participation in the North Field South phase. This move responds to a strategy of the Japanese company to strengthen its access to liquefied natural gas, facing the growing pressure on Japan’s electricity system.
LNG supply and the participation of the North Field South phase.
This agreement is aligned with Japan’s energy policy, which needs stable sources of supply in the face of rising electricity consumption linked to data centers and the expansion of artificial intelligence. In this scenario, LNG remains a strategic pillar while renewable projects are progressing slower than expected.
Moreover, the deal would enhance Qatar’s presence in the Japanese energy mix. The Gulf country is one of Japan’s one of the world’s leading LNG suppliers and is looking to consolidate long-term contracts with Asian buyers.
The recent long-term supply agreement signed between Qatar and JERA, one of Japan’s largest power generators, acts as an additional backstop for Mitsui and other Japanese utilities interested in receiving Qatari cargoes on a stable and predictable basis.
Market sources also indicate that regional companies such as Tohoku Electric Power and Kyushu Electric Power are considering purchasing LNG from Qatar through JERA. This interest reflects a broader trend within the Japanese power sector, which is seeking to diversify suppliers and reduce risks in an increasingly volatile energy environment.
Finally, the record of interest from other international players in the project underscores the strategic attractiveness of North Field South. The integration of abundant reserves, long-term contracts and sustained Asian demand makes this development a centerpiece of the global gas market.
Source and photo: Mitsui