Qatar, which is estimated to hold 13 per cent of the world’s gas reserves according to the 2017 BP Statistical Review of World Energy, may face a challenging time in 2018 as it looks to secure new markets and contracts amid new supply from Australia hitting the market.

Australia could possibly overtake Qatar as the top LNG exporter this year as it aims to increase LNG exports by 16 per cent from mid-2018 to mid-2019 from new projects

The big East Asian consumers, Japan, South Korea and China are likely to absorb the extra volumes with market share remaining a challenge for Qatar , which last June outlined its plans to ramp up its gas production by 30 per cent over an unspecified timeline.

However, this additional supply is unlikely to enter the market anytime soon.

"Qatar’s plans are more long-term and will only see it significantly increase gas production and LNG exports in four to six years’ time," said Richard Mallinson, analyst at consultancy Energy Aspects.