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With the moratorium still in place, there are no plans to boost gas and LNG production in Qatar, with attention focused more in sectors like the downstream industry.
The International Energy Agency (IEA), in its latest Medium Term Oil Market Report, released earlier this month, says it expects condensate, natural gas liquids and nonconventional capacity – mostly from the giant North Field – to increase by 80,000 b/d to just above 1.25mn b/d by 2020. Rasgas’ $10.3bn Barzan project will be the last big project to come online this year, adding 50,000 b/d to condensate capacity.
Qatar’s crude output peaked at 860,000 b/d in early 2008 and has been on a downward trend ever since. Developing Qatar’s oil fields is expensive due to a complex geology. The IEA expects Qatar’s crude oil production to remain broadly stable between now and 2020, at around 730,000 b/d. Raising capacity beyond this level “may prove prohibitively expensive in the current low price environment,” the IEA says.
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