Qatar has gas reserves to last 138 years

A report from Qatar National Bank (QNB) has stated that the country's gas reserves can maintain production at current rates for the next 138 years

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 USA and Russia with 5.1 per cent of global production. The country is also the world's top exporter of LNG with 31 per cent of total global exports in 2014.

An 'Economic Commentary' from QNB said that the vast reserves of the Gulf country will ensure it maintains its prominent position in the hydrocarbon sector for years to come".

Looking forward, Qatar is expected to maintain its dominant role in the global hydrocarbon sector. Global demand for clean energy is expected to continue rising, and Qatar is a leader in the LNG market, according to the QNB report.

Moreover, domestic energy demand is expected to rise strongly as the population grows rapidly due to the influx of expatriates being called in to work on the country's large infrastructure programme.

To meet this rising domestic demand, the Barzan project — a US$10.3bn North Field gas development to increase production for domestic use — is coming online and is expected to drive growth in the hydrocarbon sector.

The first production from Barzan is expected during the second half of this year, QNB said.

At the same time, the report said oil production is expected to stabilise, leading to an increase in real GDP growth in the hydrocarbon sector to 0.8 per cent in 2015, 1.8 per cent in 2016 and 1.9 per cent in 2017. [Zawya]