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FINANCIAL NEWS
Qatar to develop $8.6b gas field
06 Jan 2011
(MENAFN) Abdullah Al Attiyah, Qatar’s Oil Minister, revealed that the development of the Barzan gas field, which will supply gas to the country’s domestic market, will cost $8.6 billion, Reuters reported.
According to Al Attiyah, the mentioned field which is a joint venture project between Qatar Petroleum; which holds a 93 percent stake, and oil major Exxon Mobil owning the remainder, is expected to produce 1.4 billion cubic feet of gas a day.
Production in the Barzan field is scheduled to commence in 2014, and the minister added that Opec will meet before its scheduled June, if the market falls short on supplies. However, currently the market is not oversupplied.
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