Qatar Petroleum overtakes Rosneft and ExxonMobil in total output
09 Feb 2017 - 21:51
Doha: Qatar Petroleum (QP) has overtaken Rosneft and ExxonMobil in total output, according to data compiled by Bloomberg, and the company makes and sells more LNG than any other.
The country’s colossal natural gas resources allow the state-run company to pump more oil and gas than Rosneft or ExxonMobil Corp.
By more than doubling gas and oil production since 2006, Qatar has become the world’s fourth-biggest energy supplier and wealthiest country by per capita income.
By 2006, Qatar was the biggest exporter of liquefied natural gas, and it shipped 78 million tons in 2015, or 32 percent of global supply that year, according to the International Group of Liquefied Natural Gas Importers.
Qatar Petroleum, through its LNG-producing divisions Qatargas and RasGas and other investments in related businesses, holds stakes in the companies that extract, process, ship and receive gas.
This integrated supply chain helps make Qatari LNG the cheapest in the world to produce.
RasGas, QP’s joint venture with Exxon that will be merged with Qatargas this year, has two plants with capacity of 2 billion cubic feet per year, and it’s building a third facility.
Qatar Petroleum owns a minority stake in Nebras Power QSC, the international investment division of a local power company. Nebras, which backs wind, solar and potentially also coal projects, isn’t primarily focused on using Qatar-produced fuel to generate electricity. But its November agreement with Japan LNG buyer Jera Co. points to a strategy of building gas-fired power plants to help soak up the current glut of LNG and keep a price floor beneath QP’s main exports.
Qatar Petroleum also has majority holdings in domestic refineries, petrochemicals and aluminum companies.