Qatar’s condensate production reached up to 900,000 bpd in 2012 due to the increased extraction of gas through various projects at the North Field, a Qatar National Bank (QNB) report has announced
The Qatar Economic Insight 2013 report said that the country’s crude oil production had been initially estimated at 740,000 bpd for 2012.
“Condensate output has overtaken crude oil production and is expected to rise further,” QNB added.
Condensate is a very light crude oil, mainly produced as a by product from non-associated gas fields.
Qatar’s proven crude oil reserves were estimated at 2.3bn barrels in 2011, while condensate reserves have been estimated at 22.3bn by Qatar Petroleum (QP).
According to the bank, the country’s oil production will receive a boost from QP’s 2012 decision to convert all production-sharing agreements (PSAs) with foreign partners into joint ventures.
QNB said, “QP will directly invest in projects as crude oil production has been declining in some of the major oil fields in recent years. QP is also looking at increasing reserves/production and sustaining current reservoirs through enhanced oil recovery techniques.”
This is expected to increase reserves by an additional one billion barrels and production by 40,000 bpd by 2016.
Condensate production is also set to rise by about 80,000 bpd by 2016 as a result of higher gas production.
