QNB: Qatar’s gas reserves to last 138 years
Qatar, the world’s largest LNG exporter, has enough gas reserves to maintain production at current rates for 138 years, according to a report by the Qatar National Bank (QNB).
“Looking forward, Qatar is expected to maintain its dominant role in the global hydrocarbon sector. Global demand for clean energy is expected to continue rising, and Qatar is a leader in the LNG market,” QNB said in the report.
Most of Qatar’s gas production is exported as LNG (58% in 2014). Heavy investment in LNG facilities over the last 20 years and a vast ramp up in production has made Qatar the world’s largest LNG exporter, driving the establishment of a global LNG market, according to QNB.
The rise of LNG exporters has made it possible to move natural gas around the globe. This has opened up a new source of clean energy for many countries and encouraged them to invest in the necessary infrastructure to import and regasify LNG.
The switch to a cleaner source of energy as well as strong economic growth have made the Asia Pacific region the largest market for Qatar’s LNG exports, taking 72% of Qatar’s exports in 2014, the report said.
But Qatar’s LNG exports are not confined to Asia. Cheaper LNG prices relative to pipeline gas prices in Europe has prompted the UK to switch to LNG. As a result, the UK increased its imports of LNG from Qatar by 20.5% in 2014, the report added.
Qatar started exporting LNG in 1997. The country celebrated achieving record 77 Mtpa of LNG production capacity in December of 2010, reconfirming the country’s position as the world’s leading producer of LNG.