Qatar produced 740,000 barrels of crude a day (b/d) on average in 2011 with the average price per barrel of onshore oil being $110 and that of offshore, $107, according to Qatar Petroleum (QP) which looks after the country's vibrant oil and gas industry. Joint projects are currently being implemented in coordination with international companies specializing in geological surveys and well-drilling to help develop oil reserves.
As for liquefied natural gas (LNG) of which Qatar is the world's top exporter, its production capacity had reached 77 million tons a year in 2011 with the two major producers, Qatargas and RasGas, boasting 14 LNG trains.
In the petrochemical sector, the country hopes to reach a production level of 19 million tons a year of various petrochemical products over the next few years, the QP statement released by Qatar News Agency (QNA) said.
A comprehensive strategic plan for the development of petrochemical and industrial projects (2011-12) has been completed and approved by the Supreme Council for Economic Affairs and Investment, the state's apex policy-making body.
QP implements plans to increase the reserves of crude oil and increase the production capacities of the oil fields through continuous efforts in collaboration with major international oil and gas companies, most notably Occidental, Exxon Mobil, Maersk Oil Qatar. In the area of production and development, QP is implementing a comprehensive plan to raise the efficiency of onshore and offshore fields and to increase their production capacity.