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Qatar condensate to beat crude output.

Qatar expects its condensate production to exceed its crude output 'very soon', even while it produces its maximum Opec quota of oil, the Gulf Arab country's energy minister said.

Qatar, one of the Opec's smallest producers, is producing a about 1.45 to 1.5 million barrels per day (mbpd) of crude oil and condensate together on average, Qatari energy minister Mohammed Al Sada told reporters in Seoul.

'Condensate side gradually has been increasing to the level that it is almost now equivalent to the crude oil, and may exceed in the coming few years. In fact, very soon it will exceed - more of gas production,' Al Sada said.

Asked about a possible increase in its crude oil production, he said: 'We are producing actually all the amount we could produce. We are sticking to our Opec quota from oil...We are producing full capacity of condensate.'

Over bilateral meeting agreements with South Korean economy minister, Qatari minister said the two countries have agreed to consider a joint venture between Qatar Petroleum International (QPI) and state-run Korea Gas Corp (Kogas) 'to explore new projects anywhere in the world especially in shale gas.'

South Korean economy ministry said earlier that it asked Qatari energy minister, also chairman of state-run Qatar Petroleum, to produce more oil to export to Korean refiners.

The Korean economy ministry said in a statement that its minister Hong Suk-woo expressed concerns about the potential for global oil price rises as EU insurance bans on Iran oil tankers are likely to go into effect.

'He asked Qatari energy minister Al Sada, also chairman of QP, to increase Al Shaheen oil output and export more to Korean refiners who import the oil via term deals,' the ministry statement said.

It noted Korean refiners import 75 per cent of 100,000 bpd of Al Shaheen available for term sales, while a total of 300,000 bpd of Al Shaheen is available for both spot and term sales.

Iran exports most of its 2.2 mbpd of oil to Asia, and its main buyers are China, India, Japan and South Korea.

South Korea's Iranian crude oil imports fell by more than 20 per cent to 195,000 bpd in the first quarter of this year, led by a 40 per cent cut in its import in March, data from state-run Korea National Oil Corp showed last month.

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Publication:Oil & Gas News
Geographic Code:7QATA
Date:May 29, 2012
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