Qatar’s crude output has suffered from years of steady decline. But the Gulf LNG giant is working to right the ship.
Qatar originally propelled itself onto the energy scene as an oil producer, joining OPEC in 1961. Output peaked at 860,000 b/d in early 2008 but has been on a downward trend ever since, averaging 720,000 b/d since the start of 2013 (see graph). Though its LNG program is the primary source of energy revenue, Qatar is undertaking a major spending program to stabilize crude output and possibly boost production, and it appears that Qatar Petroleum (QP) and its partners have already managed to mostly stem declines – at least for the time being. (CONTINUED - 979 WORDS)