Natural gas reserves, which have long been the key to Qatar’s economic growth, will continue to drive the country’s economy alongside the oil boom, according to industry leaders scheduled to speak at Major New Energy Project Opportunities conference in Qatar February 6-7.
The forum, which is one of MEED conference’s principal events, comes at a time when Qatar’s economy is particularly buoyant. The country’s GDP thought to have expanded by 27 per cent in nominal terms, and private sector growth is being driven by the increased investment of the government on infrastructure projects.
Qatar, the GCC’s third largest construction market, is witnessing the fastest growth. Doha has seen a wave of residential and commercial projects from investors who have recognised the potential economic surge coming from the country’s vast gas reserves.
Current projects in the oil and gas sector in Qatar currently amount to more than $60billion, including Ras Laffan’s RasGas Onshore Expansion Project Trains, which are expected to produce 15.6 million tons of liquefied natural gas (LNG) per year.
Conference chairman Edmund O’Sullivan said: “Gas, which was once a neglected resource, is now the focus of hugely ambitious expansion plans alongside massive foreign direct investment.”
Fifteen per cent of the world's total proven gas reserves are located in Qatar’s North fields, the third largest gas field in the world.
According to the OPEC's Monthly Oil Market Report, Qatar's production of oil has risen to 810,000 barrels per day.
Abdullah Bin Hamad al-Attiyah, second Deputy Prime Minister, Minister of Energy and Industry, will address the conference in his capacity as chairman of Qatar Petroleum.
Other speakers over the two days will include Ismail A Abdulla al-Emadi, manager of exploration & EPSA/DPSA development at Qatar Petroleum, who will discuss upstream opportunities.
The two-day event will gather managers and high-level business people in Qatar and their global counterparts to explore ambitious construction plans across a broad range of sectors.
The conference will focus on new developments of major projects presently under development in Qatar, which enters 2006 as the host of the Asian Games, and is undergoing rapid growth in its tourism infrastructure driven by The Pearl, Qatar.
Major New Energy Project Opportunities, one of MEED’s headline conferences, will be held at the Intercontinental Hotel, Doha, Qatar on February 6 - 7. Already confirmed as sponsors and exhibitors are Qatar Petroleum, Simmons & Simmons, QNB, Cadillac, Alfardan Real Estate Co., Contax, CH2MHILL, MEED projects, BCC, Cooper Compression, Special Projects Services Company and MEED projects.