Qatar's Gas Reserves to Last Another 156 Years

Qatar’s gas reserves are expected to last another 156 years at current production rates, a report has stated.

Citing from Qatar National Bank’s (QNB) Qatar Economic Insight, Gulf Times newspaper reported that in 2013, Qatar had raw gas reserves totaling 872 tn cubic feet, third largest after Russia and Iran.

"It is therefore likely that Qatar will continue extracting gas well into the 22nd century," QNB said.

Qatar gets 99 percent of its gas from the North Field.

Gas production grew on average 15.4% annually during 2009-2013 as additional LNG export facilities became operational, Gulf Times said citing the report.

According to the report, in 2013, around 52.6% of gas production was allocated to LNG exports, but the expansion program is now complete and LNG production is expected to plateau.

Qatar also exports around 11.7% of gas production by pipeline to the UAE.

The Barzan project is a $10.3bn North Field gas development to increase production for domestic use. Initial production is expected in 2015 with incremental growth until 2023.

Barzan is an exception to a moratorium on new production from the North Field.

According to QNB, Qatar is likely to benefit from robust global LNG demand over the next few years.