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Qatar to Drill in World’s Biggest Gas Field After 12-Year Freeze

  • Project in North Field to produce 2 billion cubic feet per day
  • Qatar Petroleum will remain dominant LNG exporter, CEO says
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Qatar Petroleum plans to start a new development in the offshore North Field, ending a 12-year ban on new projects that allowed the company to assess how its current rate of extraction affects the giant reservoir it shares with Iran.

The patch, in the southern section of the field, will have a capacity of 2 billion cubic feet per day, or 400,000 barrels of oil equivalent, and should start production in five to seven years, Chief Executive Officer Saad Sherida Al Kaabi told reporters Monday at Qatar Petroleum’s headquarters in Doha.