External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Thematic (Sector/Industry)

Qatar Energy / Thematic (Sector/Industry)

<ul><li>According to news reports, Pakistan is considering deferring 2-3 RLNG cargoes per month (29 in a year) from Qatar under its existing take-or-pay contracts for 9 cargoes per month to address the current gas surplus issues in the country.</li><li>Previously, OGRA in its reports had projected Pakistan gas demand (including RLNG) to surpass 6000mmcfd by 2026. However, due to various foreseeable and inevitable factors, demand/supply have contracted substantially to less than 4,000mmcfd.</li><li>We believe, if 2 cargoes of Qatar are sold in the international market or deferred beyond 2031, this will increase domestic E&Ps volumes to around 3000 mmcfd, suggesting around 70% of the volumes will be recovered.</li></ul>

According to news reports, Pakistan is considering deferring 2-3 RLNG cargoes per month (29 in a year) from Qatar under its existing take-or-pay contracts for 9 cargoes per month to address the current gas surplus issues in the country.Previously, OGRA in its reports had projected Pakistan gas demand (including RLNG) to surpass 6000mmcfd by 2026. However, due to various foreseeable and inevitable factors, demand/supply have contracted substantially to less than 4,000mmcfd.We believe, if 2 cargoes of Qatar are sold in the international market or deferred beyond 2031, this will increase domestic E&Ps volumes to around 3000 mmcfd, suggesting around 70% of the volumes will be recovered.

(Corrected) Pakistan Oil & Gas Exploration: Qatar Cargo Diversion to Help Lift Volumes