AMMAN: Qatar has enough gas reserves to maintain production at current rates for some 138 years and is therefore likely to remain central to global hydrocarbon markets for a number of years to come, QNB has said in a report.
According to QNB, Qatar remains central to the global hydrocarbon sector based on new data for 2014 released in ‘BP’s Statistical Review of World Energy’.
Qatar remains the third largest producer of natural gas in the world after the US and Russia with 5.1% of global production. The country is also the world’s top exporter of liquefied natural gas (LNG) with 31% of total global exports in 2014. This central role is a result of its large endowment of hydrocarbon reserves.
In terms of oil and gas reserves per capita, Qatar remains well ahead of the other major oil and gas producers with 83.6k barrels of oil equivalent (boe) in 2014. Revenue generated from Qatar’s hydrocarbon exports provides a stable source of financing for major infrastructure investments that are driving the growth and diversification of the domestic economy.
The report from BP indicated that reserves of oil and other liquids had risen 2.6% to 25.7bn barrels in 2014. Recent studies and oilfield exploration and development projects are likely to have led to an increase in the level of proven oil reserves.
