Boston, MA -- (SBWIRE) -- 01/01/2013 -- BMI View: Qatar sits on the world's third-largest proven gas reserves, which are concentrated in the offshore North Field. The country's robust efforts to commercialise this deposit have resulted in Qatar becoming the world's largest liquefied natural gas (LNG) exporter. We see it sustaining this lead over the forecast period, with the successful deployment of gas-to-liquids (GTL) technology boosting its petroleum export volumes. Qatar's crude oil prospects are less exciting, as its oil reserves are modest in comparison with its Persian Gulf neighbours.

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We highlight these trends and developments in Qatar's oil and gas sector:

- BMI sees Qatari gas production growing to over 190bcm by 2021. However, given the economy's robust growth outlook, Qatar's domestic gas consumption is also set to rise quickly, to as much as 68bcm over the same period.
- Our forecasts see gas exports peaking in 2015 at 126bcm, pending an increase in pipeline exports to the UAE and Oman through the Dolphin pipeline and/or the construction of new liquefaction trains. We forecast gas exports to remain at this level until the end of our forecast period in 2021.
- We expect a 20% increase in oil production in the period 2011-21, with a small increase in net exports. The rise in Qatari refining capacity will boost domestic consumption of crude oil, while Qatar will also start exporting more fuels as a result of the start-up of Pearl GTL, which is on the edge of ramping up production to full capacity. The successful execution of Pearl GTL will boost Qatar's petroleum export revenues and also bodes well for feedstock supplies to Qatar's petrochemicals sector.
- We see Qatari proven oil reserves remaining broadly flat in the period 2011-21, with gas reserves declining in the same period by about 7%. Exploration successes create upside risks to these forecasts.

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