Qatar Has Enough Oil Reserve To Last Over 130yrs – Report
On current output, Qatar’s gas reserves can last 138 years, the country’s National Bank (QNB) has said in a new report.
Qatar is the third largest producer of natural gas in the world with 5.1percent of global production, coming only after the U.S. and Russia. The country is currently the world’s top exporter of liquefied natural gas (LNG) accounting for 31percent of total global exports in 2014.
With 83.6k barrels of oil equivalent (boe) in 2014, in terms of oil and gas reserves per capita, Qatar remains ahead of the other major oil and gas producers. Its hydrocarbon exports provide a steady source of infrastructure investments, driving the growth and diversification of the domestic economy.
Recent oilfield exploration and development projects have led to an increase in the level of proven oil reserves, with the recent outlook report from BP outlining that reserves of oil and other liquids had risen 2.6percent to 25.7billion barrels in 2014.
Despite a moratorium in 2014, Qatar’s total hydrocarbon output remained unchanged at 5.2million barrels of oil equivalent per day, constituting 3.2million from gas and 2.0million from oil.
Substantial investment in LNG facilities over the last 20 years, along with an increase in production, has made Qatar the world’s largest LNG exporter, creating the establishment of a global LNG market. The country exports most of its gas production as LNG.
The trend towards a cleaner source of energy have made the Asia Pacific region the largest market for Qatar’s LNG exports, taking 72percent of its exports in 2014, while the UK imported 20.5percent of LNG from Qatar in 2014.