Qatar is set to boost its LNG production from 77 million to 100 million tons per year with the new volumes from its giant North Field, located in the Persian Gulf.
Qatar Petroleum on Tuesday sad it would double the size of the new gas project in the southern sector of the North Field, which Qatar Petroleum had announced last April.
This will increase the North Field’s production of natural gas, condensate and other associated products by one million barrels of oil equivalent per day.
Saad Sherida Al-Kaabi, the President & CEO of Qatar Petroleum, said: “Last April, we announced our intention to develop a new gas project in the southern sector of the North Field that can be targeted for export. With the conclusion of further technical studies, we have decided that the best option would be to double the size of the project to 4 billion cubic feet of gas per day, which constitutes a 20% increase from the current North Field production rate, or about 1 million barrels of oil equivalent per day.”
He added: “After further assessment, we have decided that the best way to develop this huge project is by dedicating it to the production and export of liquefied natural gas, thereby increasing the production capacity of the State of Qatar from 77 million tons to 100 million tons per year, which means a 30% production increase. This project will strengthen our position as the world’s largest LNG producer and exporter in line with Qatar Petroleum’s strategic growth plan and objectives of becoming one of the best national oil & gas companies in the world, with roots in Qatar and a strong international presence.”
“Once completed, within 5-7 years from now, this project will raise the production of the State of Qatar to about 6 million barrels of oil equivalent per day,” the President & CEO of Qatar Petroleum said.
The North Field, considered to be one of the largest gas fields in the world, is located in the Persian Gulf, and is shared between Qatar and Iran. Iran’s part of the field is known as South Pars gas field.
According to undated info found on Qatar’s RasGas’ website, the North Field is the largest non-associated natural gas field in the world, with recoverable reserves of more than 900 trillion standard cubic feet or around ten percent of the world’s known reserves.