Qatar is rejoicing – the kind of joy the country has not experienced in the past 40 years. The discovery of what analysts believed to be the most important reserves of natural gas in its offshore field will consolidate the country among the leading nations to boast huge quantities of unexploited natural gas in the world.
“We are very pleased with the discovery,” the minister said, adding that the discovery will also ensure the country’s longer term economic prosperity.
The discovery was made at the field known as Block 4 North operated by by Qatar Petroleum along with its partners Mitsui Gas Development Qatar and German company Wintershall, Energy Minister Mohammed bin Saleh al-Sadah told reporters on Sunday.
Qatar is a member of the Organisation for Petroleum Exporting Countries (OPEC), and the world’s fifth-biggest natural gas producer. It is also a major exporter of oil.
According to Oil & Gas Journal, as of January 1, 2011 reserves of natural gas in Qatar were measured at approximately 896 trillion cubic feet.
Qatar, now boasting a GDP per capita bigger than the US, is a country with very few resources, but the discovery of oil in 1940 in Dukhan Field in the west coast of the peninsula at 5685 feet deep changed the whole picture of the country. The country’s GDP per capita increased from US$104 300 in 2011 from US$91 300 in 2010 and US$81 200 in 2009, as a result of an increasing production and export of natural gas in the past nine years, analysts said.
The country will host the FIFA World Cup in 2022.
*Photo by Wikipedia Commons