Energy Sector Profile
The State of Qatar conducts its principal Oil & Gas Operations through State-owned Qatar Petroleum (QP), which manages Qatar’s oil, gas, fertiliser, petrochemicals and refining enterprises in Qatar. Qatar Petroleum International, a subsidiary of Qatar Petroleum, has been established to make strategic investments across the energy chain and is increasingly managing global energy investment opportunities for QP.
Qatar’s oil reserves as at December 2009 stood at 25.3 billion barrels. Qatar’s oil reserves increased substantially with the addition of condensate reserves and rose from 1999 when it was at 3.7 billion barrels, to 25.3 billion barrels as at December 2009. Given an average production of 810,000 barrels per day (bpd) over the past five years (2005-2009), proven reserves would last approximately 85 years. Qatar’s North Gas Field, discovered in 1971, is the largest non-associated gas field in the world, with proven reserves currently estimated at over 902 trillion cuic feet (tcf), which is equivalent to about 162 billion barrels of oil. These reserves would translate into 13.7% of the world total and will be sufficient to support planned production of natural gas for over 200 years. The North Field extends over an area of approximately 6,000 square kilometres, predominantly underlying the territorial waters of the State of Qatar. Associated gas reserves are currently estimated at 11 tcf. Within the Middle East, Qatar has the second highest proven gas reserves after Iran.