Qatar Petroleum has decided to press ahead with development of a new offshore gas project. The company said Monday it would be working to bring to production a gas project situated in the southern sector of the North Field.
This also marks the lifting of the 2005 moratorium the Qatari government imposed on further development of the North Field located offshore Qatar.
The work on the new project’s details is expected to start over the next few months, said the state-owned company.
Qatar Petroleum’s President & CEO Saad Sherida Al-Kaabi said that the company’s technical studies and assessment of the North Field have confirmed the potential for developing a new gas project that can be targeted for export with a capacity of about 2 billion cubic feet per day.
“It is worth noting that a project of this size will increase the current production of the North Field by about 10%, which will add about 400,000 BBL/D (barrels per day) of oil equivalent to the State of Qatar’s production,” the CEO said.
Al-Kaabi added: “Since 2005, Qatar Petroleum has been conducting extensive studies and exerting exceptional efforts to assess the North Field, including drilling a number of appraisal wells to better estimate the Field’s production potential, which enabled us to reach this satisfactory result today.”
Al-Kaabi concluded: “This new project will further strengthen Qatar’s leading position as a major player in the global gas industry and underline the pivotal role of the country’s oil and gas industry as the mainstay of the national economy. This, in turn, will contribute to and stimulate the economy in both the public and private sectors as part of the comprehensive development of the country and the achievement of the objectives of Qatar National Vision 2030.”
The North Gas Field, with total recoverable gas of more than 900 trillion standard cubic feet (tscf), was discovered in 1971 and, according to QP, is considered to be the largest single non-associated gas reservoir in the world.