04 Apr Qatar recommences development at world’s biggest natural gas field
Qatar will restart development at the world’s biggest natural gas field after a 12-year self-imposed ban, according to Qatar Petroleum CEO Saad al-Kaabi.
The world’s largest LNG exporter is lifting the ban on the North Field as it looks to fend off an expected rise in competition.
Qatar declared a moratorium in 2005 on the offshore gas field, which it shares with Iran, to give Doha time to study the impact on the reservoir from an increase in output.
The North Field, which Iran refers to as South Pars, is host to nearly all of Qatar’s gas production and around 60% of its export revenue.
“We have completed most of our projects and now is a good time to lift the moratorium,” al-Kaabi told reporters at the company’s headquarters on Monday. “For oil there are people who see peak demand in 2030, others in 2042, but for gas demand is always growing.”
The development in the southern section of the North Field will have a capacity of 2 billion cubic feet per day, or 400,000 barrels of oil equivalent, and increase production of the field by about 10 percent, when it starts production in five to seven years, he said.
However, Qatar is expected to lose its top exporter position to Australia this year, where major new production is due to come online.