According to Qatar National Bank Projections, there is no possibility of the nation’s energy production declining for almost the next one and a half century. This sounds too good to be true, but it is a fact due to the large gas reserves in this Gulf state. Qatar stands third in terms of natural gas production worldwide but leads when it comes to oil and gas reserves with approximately excess of 83,700 barrels as at end 2014. In fact, the bank has claimed that the Gulf state has enough gas reserves to sustain current rates of production for the next 138 years.
It is worth noting that most of the Qatar’s gas reserves are in its Northfield. However, the Qatar government imposed extraction bans and strict policies in Northfield in 2014 and this led to a 0.6% decrease of the nation’s total oil and gas reserves by the end of 2014. According to the NBQs report, the gas production still increased slightly (0.4%) despite the cessation and static total hydrocarbon output value of 5.2 million barrels daily.
The oil and gas production in this area will regain stability soon due to the huge investment projects plans in the energy and gas field, reveals Gulf Times. $ 4 billion by Qatar Petroleum is an example of these investment plans and it targets Bul Hanine oil field. It aims to bring adequate oil &gas mining and manufacturing facilities that can increase the current daily oil barrel production to 95,000 from 40,000.
Newspaper reveals that Qatar produces and exports 5.1% of the world’s natural gas, a figure that only United States of America and Russian can beat now. However, Qatar tops when it comes to production and exporting of Liquefied Natural Gas at 31%.
The rate of gas consumption in many countries is high as it is the main driver of economic growth. If all the above plans work well then no doubt that Qatar will have the best Infrastructure investments and its economy will be strongly diverse in the next few years since it will not miss the market.