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MEOG Commentary MEOG
given Qatar’s status as a low-cost gas producer. While QP has not disclosed the cost of expan- sion, it is still expected to amount to dozens of
billions of dollars.
“the key takeaways from al-Kaabi’s
announcement are the confirmation that the North Field extends at least 12km beneath the Qatari mainland and the somewhat untrum- peted mention of the asset’s reserves increasing to 50 tcm of gas and 70bn barrels of conden- sates,” Gneiss Energy’s head of media and com- munications, Ian simm, told Downstream MEA (DMEA).
“The ability to produce gas from the onshore will allow Qatar to ramp up output even more quickly and cost-effectively than had previously
been envisaged, hence the headline-grabbing new target.
Meanwhile, the reserve numbers are stagger- ing. North Field/south Pars is already by far the world’s largest gas deposit, but the 50 tcm figure would make the Qatari portion of the reservoir big enough to compete with Russia’s total gas reserves, which previously held the global top spot,” he said.
“Gas is already the key bedrock of the Qatari economy, but while Doha has a patchy recent history in terms of bringing petrochemical pro- jects to fruition, it would not be surprising to see new projects launched or scrapped schemes revisited considering the increased availability of feedstock at even lower opex,” simm added.
Week 48 04•December•2019 w w w . N E W S B A S E . c o m P7
