The Hydrocarbon Industry
The Hydrocarbon Industry
Qatar has the world's third largest proven natural gas reserve and is the second-largest exporter of natural gas, according to the CIA World Factbook. Petroleum and natural gas are the basis of Qatar's economy: more than 70% of total government revenue, over 60% of gross domestic product, and around 85% of export earnings. The State continues to focus on the energy sector as an important source of national revenue, increasing natural gas production levels and supplying 25% of the world’s total liquefied natural gas (LNG). This has positioned Qatar as the largest producer and exporter of LNG in the world and provides one of the highest per capita incomes in the world. This is due in part to the completion of Phase 1 of Qatargas' North Field gas development in 1991, leading to exports of liquefied natural gas (LNG). The North Field Expansion Project looks to boost production and revenues even further. Many projects are joint ventures between the national corporation, QatarEnergy, and international entities. Under Qatarisation, joint venture industries and government departments aim to place Qatari nationals in senior management positions, an initiative that has been embraced by the hydrocarbon sector. Qatar was a member of OPEC for nearly 60 years until January 2019. HE Saad Sherida Al Kaabi, Minister of State for Energy Affairs and President and CEO of QatarEnergy, stated at the time that Qatar’s exit from OPEC was 'not political' and that 'the withdrawal decision reflects Qatar’s desire to focus its efforts on plans to develop and increase its natural gas production from 77 mn tonnes per year to 110 mn tonnes in the coming years.' Qatar is the first Gulf country to leave OPEC.
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Qatar's Energy Companies QatarEnergy Formerly known as Qatar Petroleum, the company was rebranded in late 2021 to reflect its new vision of adapting its direction and strategic objectives. The integrated national oil corporation is responsible for the sustainable development of Qatar’s oil and gas resources. QatarEnergy is also spearheading the energy and industry sector’s Strategic Qatarisation Plan to maximise the employment of Qatari nationals. The first well, Dukhan 1, was drilled in 1939. In 1949 the first crude exports began and the first offshore concessions were granted. In 1960, Idd Al Shargi and Maydan Mahzam fields were discovered. The largest offshore field, Bul Hanine, was discovered in 1970 and came onstream in 1972. QatarEnergy’s activities encompass the entire oil and gas value chain locally, regionally, and internationally, and include the exploration, refining, production, marketing and sales of oil and gas, liquefied natural gas (LNG), natural gas liquids (NGL), gas-to-liquids (GTL) products, refined products, petrochemicals, fertilisers, steel and aluminium. Operations are onshore at Doha, Dukhan, Mesaieed Industrial City and Ras Laffan Industrial City, as well as offshore at Halul Island, offshore production stations, drilling platforms, and the North Field. QatarEnergy has signed Exploration and Production Sharing Agreements and Development and Production Sharing Agreements with major international oil and gas companies, including Elf Aquitaine/Total, Anadarko Qatar, Maersk Oil Qatar, Occidental Petroleum Qatar, Qatar Petroleum Development, Talisman Energy Qatar, GDF Suez, China National Offshore Oil Corp and Qatar Shell.
MARHABA
3/31/22 9:45 AM
