Qatar has revised its gas reserve estimates for the North field to more than 900 trillion cubic feet (tcf) - leaving it virtually neck and neck with Iran, the world's second largest holder of gas reserves after Russia. “The most recent reservoir studies have proven that the certified reserves for the North Field currently stand at more than 900 tcf - up from the previous reserves of 380 tcf, thus making the North Field by far the largest single gas field in the world,” Qatari Oil Minister Abdullah bin Hamad al-Attiyah said in a statement. The figures have been certified by SSI Baker Hughes, he said.
Asked how the tiny Gulf Arab state was able to raise its reserve estimates for the North field, a geological extension of Iran's South Pars gas field, Attiyah said, “by more discoveries. These reserves will last more than 200 years.” When the North field was first discovered by Royal Dutch/Shell in 1971, reserves were estimated at 300 trillion cubic feet.
Attiyah said Qatar Petroleum (QP) has ambitious plans for its gas. “QP is pursuing expansion and diversification of the petrochemical sector based on gas produced from the North Field,” he said. “The estimated investment for the upcoming projects may exceed sixteen billion dollars during the coming few years”