This is a best prospect industry sector for this country. Includes a market overview and trade data.
The State of Qatar is the largest global exporter of liquefied natural gas (LNG), and the country’s exports of LNG, crude oil, and petroleum products constitute the majority of government revenue. Despite the government’s concerted diversification efforts under Vision 2030, Qatar’s earnings from its hydrocarbons sector still account for more than 50% of the country’s total government revenues. Significant opportunities exist in Qatar for U.S. companies offering products and services in the LNG production process, particularly since Qatar is currently undertaking a $30 billion North Field Expansion in the LNG sector.
Qatar possesses the third largest known reserve of natural gas in the world after Russia and Iran. Qatar has existing reserves of approximately 25 billion barrels of crude oil and 23.7 trillion cubic meters of natural gas. It is also one of the world’s major fertilizer producers and top 15 oil exporting countries. State-owned Qatar Petroleum (QP) oversees the oil, gas, fertilizer, petrochemicals and refining operations in the country and has multi-billion interests abroad. QP has developed the sector through key partnerships with international companies. Despite the ongoing land and air blockade imposed on Qatar in June 2017, Qatar has continued to supply LNG to the UAE, interrupted, through the Dolphin sub-sea pipeline, which provides 40% of UAE’s power generation.Qatar’s natural gas production costs are among the lowest in the world, enabling cost-effective LNG and GTL Gas-To-Liquid (GTL) technology. The Pearl GTL plant is the world’s largest facility which produces 140,000 billion per day (b/d) and is notable as the first to integrate upstream natural gas production with a downstream conversion facility.
In May 2017, the 12-year moratorium on further developing LNG extraction from the North Field was lifted, allowing QP is also planning to build a petrochemical complex that will have ethane capacity of 1.6 mtpa. Qatar’s crude oil refining capacity is approximately 393.7 b/d and it is expected to increase to 484.7 b/d in the next three years.
- Oil & Gas Field Machinery, Equipment and Supplies
- Oil & Gas Field Services
Qatar is poised to dramatically increase its LNG capacity and diversify products, projecting high growth in the coming years, despite globally depressed hydrocarbon prices. QP’s focus on major contracts for the North Field expansion, together with the upcoming development of the petrochemical complex and ethane cracker facility, are likely to be key drivers of business activities in the energy sector.
Contact the Commercial Section of the U.S. Embassy