Qatar Petroleum has announced plans to develop a new phase of the North Field. Given domestic demand for gas is limited, we expect Qatar will target exports. The move signals Qatar’s its intention to grow LNG market share, which is falling as other regions add capacity. The LNG market presently looks oversupplied, but by the time this new capacity is commissioned, in 5-7 years time, new pre-FID LNG supply is likely to be required. The move represents a threat to other potential LNG producers, as Qatar can add new capacity at a lower cost than anybody else.