Qatar Petroleum’s decision to expand its liquefied natural gas (LNG) production capacity is not just one of its greatest investments in the gas sector but may also trigger a tectonic shift in the global LNG market. The move is certain to secure Qatar a dominant position for many years to come.

The 29B USD mega expansion plan aims to boost the Gulf state’s annual LNG production from the current 77 million to 126 million metric tonnes per annum (mmtpa)...