How much oil and gas does Qatar have?
In 2013, Qatar’s gas reserves were said to last another 156 years if the production levels stayed constant.
Exploration for oil in Qatar first began in 1935 at the Dukhan field. The Anglo-Persian Oil Company, which later became British Petroleum, was granted a 75-year oil concession allowing it to explore and produce oil from all of Qatar’s land.
In return, the government received a royalty of 2 Indian rupees per ton of oil produced, a payment of Rs. 400,000 on signature, and annual sums of Rs. 150,000. APOC formed the Petroleum Department of Qatar, which went on to become Qatar Petroleum.
Qatar’s first offshore oil field was discovered in 1960 and the country became a member of OPEC in 1961.
In less than 20 years, Qatar became one of the world’s leading suppliers of liquefied natural gas. Qatar supplies a third of the global L.N.G requirements.
60% of the total exports from Qatar is L.N.G, followed by crude oil (30%). Japan, South Korea, and India are the main export partners.
the uk and qatar love each other...and i didnt realize qatar had 25 billion barrels of oil; that's a fair bit of reserves in there...good scene..
Like the article states, that 156 year life period is only relevant if we continue to extract it. To meet the 2 degree temperature rise limit set recently in Paris, the vast majority of it will have to stay in the ground.
Nigeria and Venezuela have wasted their oil wealth and are now suffering
Science and technology have no limits. Necessity is the mother of all inventions. One never knows what will be the main source of energy 50 years from now. But till then, revenue from oil has definitely made life better for millions of people not just in the Middle East, but across the globe.
You still need to generate electricity to charge these vehicles remember
People will be driving alternative powered vehicles by then
Well done to BP for having the foresight to invest in Qatar..
Well done to the leaders for the continued development of Qatar