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Qatar gas reserves to last 138 years

Qatar gas reserves to last 138 years thumbnail

Qatar’s gas reserves are so vast it can maintain production at current rates for another 138 years, according to an official report published on Sunday.

An “Economic Commentary” from the Qatar National Bank (QNB) said the vast reserves of Qatar 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,” read the QNB estimate as reported by AFP.

“Global demand for clean energy is expected to continue rising, and Qatar is a leader in the Liquified Natural Gas (LNG) market.”

The QNB report was using figures contained in BP’s Statistical Review of World Energy, released earlier this month.

Qatar is the third largest producer of natural gas in the world behind the United States and Russia.

Globally, it accounts for just over five percent of the market.

The country is also the world’s top exporter of LNG with 31% of total global exports in 2014.

Heavy investment in LNG facilities over the last 20 years and a vast ramp up in production has made Qatar the world’s largest LNG exporter, driving the establishment of a global LNG market.

Qatar shares its largest gas reserve – which is located in Persian Gulf waters – with Iran. Called the North Dome by Qatar and South Pars by Iran, the reserve is one of the world’s largest gas reservoirs. It is believed to hold an estimated reserve of 51 trillion cubic meters of in-situ natural gas and some 50 billion barrels of condensates.

press tv

8 Comments on "Qatar gas reserves to last 138 years"

  1. Nony on Mon, 22nd Jun 2015 8:19 am 

    Hubbert seems to have been way off on natural gas and not just from coalbed methane or shale. I have a hard time understanding any excuse for the icon here. PG is shallow water.

  2. penury on Mon, 22nd Jun 2015 9:52 am 

    Really 138 years? I thought that maybe they would go for the big number. Why not 15 or more> this whole thing is asinine.

  3. Rodster on Mon, 22nd Jun 2015 10:02 am 

    So much for the world getting away from fossil fuels by 2100.

  4. HARM on Mon, 22nd Jun 2015 1:38 pm 

    Hubbert forecast peaks in *petroleum* production, not natural gas. His predicted peak in the U.S. came true in 1970 (though share/frack oil may produce a 2nd peak). While forecast for the global peak was definitely off (1995-2000), there is no denying that it will come, unless you subscribe to ‘abiotic’ oil nostrums.

    All in all, not too shabby for working with 1950s data and 1950s technology. I challenge anyone to make any 50-year future prediction as good as that.

  5. peakyeast on Mon, 22nd Jun 2015 3:34 pm 

    dont worry…. all the other 500+ year estimates has gotten decimatede or even reduced more.

  6. dissident on Mon, 22nd Jun 2015 6:33 pm 

    Sounds like Qatar is including Iranian reserves in its estimate. How cute.

  7. HARM on Tue, 23rd Jun 2015 12:41 am 

    “I drink your milkshake!”

  8. Nony on Wed, 24th Jun 2015 3:46 am 

    I’m interested in how the Marcellus compares to the North Field. Total resource estimate and current production rate.

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