Qatar’s gas reserves are so vast it can maintain production at current rates for another 138 years, according to an official report published on Sunday.
An “Economic Commentary” from the Qatar National Bank (QNB) said the vast reserves of Qatar will ensure it maintains its prominent position in the hydrocarbon sector “for years to come”.
“Looking forward, Qatar is expected to maintain its dominant role in the global hydrocarbon sector,” read the QNB estimate as reported by AFP.
“Global demand for clean energy is expected to continue rising, and Qatar is a leader in the Liquified Natural Gas (LNG) market.”
The QNB report was using figures contained in BP’s Statistical Review of World Energy, released earlier this month.
Qatar is the third largest producer of natural gas in the world behind the United States and Russia.
Globally, it accounts for just over five percent of the market.
The country is also the world’s top exporter of LNG with 31% of total global exports 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.
Qatar shares its largest gas reserve – which is located in Persian Gulf waters – with Iran. Called the North Dome by Qatar and South Pars by Iran, the reserve is one of the world’s largest gas reservoirs. It is believed to hold an estimated reserve of 51 trillion cubic meters of in-situ natural gas and some 50 billion barrels of condensates.