(MENAFN - The Peninsula) By Mohammad Shoeb I The Peninsula
Minister of State for Energy Affairs and Managing Director and Chief Executive Officer of Qatar Petroleum (QP) H E Saad bin Sherida Al Kaabi stated yesterday that Qatar is soon going to be one of the leading energy producers and exporters in the world.
Qatar produces about 600,000 barrels of oil per day, but it is the world's largest exporter of liquefied natural gas (LNG). It produces over 77 million tones of natural gas per annum, which together constitute to be nearly 4.8 million barrels of oil equivalent (BOE). And with the completion of the ongoing LNG expansion project Qatar's combine energy production capacity is estimated to reach over 6.5 million BOE by 2024.
In addition, QP, the state-owned energy giant, is investing aggressively in overseas oil fields, with special focus in several countries in Latin America, South Africa and North America, which will further strengthen its position as a major energy producer.
'We will be making big splashes in the oil and gas business very soon. In addition to the gas expansion project in North Field, we are investing in oil fields in Brazil, Argentina, Mexico, Cyprus, Congo and other countries, Minister Al Kaabi told reporters in a press conference held to announce Qatar's future energy strategy and its decision to withdraw from Opec membership, yesterday at QP headquarters.
He added: 'We are not out of oil business totally. But in Qatar we don't have great potential (to boost oil production) in a big way… We don't have huge room to grow. But we are not going stop production of oil. Our potential is gas and we want to focus on that.
The Minister also said that QP, as part of its huge development and expansion programme, is working to sustain crude production and recovery sachem in Qatari oil fields.
Commenting on the North Field gas expansion project, he said that it is progressing in full steam, and in the process of tendering for 8-10 rigs.
With regard to financing of the ambitious expansion projects, the energy minister said that QP has taken a decision for self-financing the entire project, which shows about the financial strength of the energy giant. P02