For the first time in 40 years, Qatar has made the discovery of new gas reserves near the massive North Field.
Government sources reveal that the newly discovered small offshore field contains about 2.5 trillion cubic feet of natural gas. The gas field lies at the 4-North offshore block near Qatar’s massive North Field and was found by a consortium, including Germany’s Wintershall and Japan’s Mitsui. Qatar’s North Field is the world’s largest non-associated gas field, containing nearly 900 tcf, and the new discovery accounts for only 0.28 percent of the country’s proven reserves.
According to Qatar’s Energy Minister, Mr Al Sada, “though this amount is relatively small in comparison to the North Field, it signifies our commitment to continuing our exploration activities. We currently have six active exploration blocks, and we are intensifying our exploration efforts. We will look at options including the possibility of using the gas at one of our existing facilities, which would make the project highly profitable”.
Figures of the latest BP Statistical review reveal that Qatar’s proven gas reserves stand at 884.5 tcf. In 2011, these made up about 12 percent of global gas reserves. Accounting for over 50 percent of the country’s GDP, the economy Qatar is highly dependent on income earned through the export of oil and gas. Even though Qatar boasts having the world’s second highest per-capita income, its economy is highly vulnerable to changes in global oil prices.