COMPANY FOCUS >> Qatar Investing in Incremental energy porjects

Oil & Gas fuel Qatar’s economic growth

Exploitation of oil and gas resources is the cornerstone of Qatar’s economy. According to OPEC, Qatar’s net oil export revenues were expected to be in the region of $11.2 billion in 2004. Qatar has managed to infuse a significant amount of foreign investment into its hydrocarbon sector by forging Production Sharing Agreements (PSAs) with international oil and gas companies, thereby paving the way for new economic growth. Pipeline Magazine reports...

In an interview to Pipeline Magazine, Qatar’s Minister of Energy and Industry H.E. Abdullah bin Hamad Al-Attiyah said that increasing oil production, currently 850,000 barrels per day, is one of the main aims of the Qatari government.

While oil is expected to remain an important revenue earner for the country, increasing exports of LNG and other energy products will add to the country’s trade surplus, which stood at 32,156 million Qatari Riyals in 2003, according to preliminary estimates by Qatar Central Bank (see Table 3).

“The government’s continuous attempts to boost the gas sector in cooperation with international companies, with expertise and advanced technology, have contributed to Qatar’s ranking as a major LNG producer in the world, relying on its huge reserves, remarkable geographical location and stable investment climate,” said Al-Attiyah.

The Qatari government’s efforts are to enhance revenue through a policy of optimal utilization of its natural resources, mainly gas. By 2012, LNG exports are estimated to exceed 70 million tonnes per annum, making Qatar the largest LNG exporter in the world with a significant role in shipping and receiving terminals. According to the Qatari government such major projects will require a massive investment of around US $30 billion (appx. 110 billion Qatari riyals).

Regarding GTL projects, Qatar already has one Gas-to- Liquids project under construction, and several others are at different stages of negotiation or engineering development.

When completed in early 2006, the Oryx GTL project, a joint venture between QP and Sasol, will be the most technically advanced GTL plant in the world, using around 330 million cubic feet per day of lean gas from Al Khaleej Gas project to produce 34,000 barrels per day of liquids.

In July 2004, the government of Qatar signed a Development and Production Sharing Agreement with Shell for the Pearl GTL Project and a Heads of Agreement with ExxonMobil for a large-scale GTL project.

The GTL project with ExxonMobil will be the world’s largest single, fully integrated GTL project with capital investment of approximately 7 billion dollars and a production rate of 154,000 barrels per day of GTL products.

Al-Khaleej Gas Project
The DPSA was signed between QP and ExxonMobil Middle East Gas Marketing Ltd. in May 2000 and ratified in July 2000. The scope of the project is to develop reserves from the giant North Field to supply 1.75 billion standard cubic feet per day (bscfd) of sales gas to domestic consumers and the export market. Total investment for AKG-1 is in excess of $1.1 billion.

According to the Qatar government, the project will enhance the diversification policy of North Field gas utilization and maximize utilization of the existing gas infrastructure. It will also enhance the LNG economics of RasGas Trains 1 & 2 through production from K-1 to K-4 reservoirs and is designed to accommodate the fractionation requirements of Train 4 as well.

The EPC contract for AKG Phase 1 was awarded in March 2003 to J. Ray McDermott Middle East, Inc. for the offshore installation, hook-up and mechanical completion of one wellhead deck and one jacket, and offshore installation of a 60-mile 38” pipeline from the platform to an onshore gas processing facility. This phase will supply 744 million standard cubic feet per day (mmscfd) of sales gas to Ras Laffan IPP, Oryx GTL and to industries in the Mesaieed area. First commercial gas is scheduled for November 2005.

The consortium of CMS & A was awarded the EPC contract in March 2003 for the onshore component of AKG Phase-1. The new facilities are being built adjacent to the existing RasGas LNG Trains in the Ras Laffan Industrial City area.

Dolphin Project
The Full Field Development Plan was signed in December 2003 according to the DPSA dated December 23, 2001.

The project involves the construction by 2006 of a 48-inch, 400 km pipeline between Qatar and the UAE, and the production, processing and transportation through this pipeline of an initial 2 billion cubic feet of natural gas per day. First delivery of gas is scheduled for the fourth-quarter of 2006. Initial clients include Abu Dhabi Water & Electricity Authority (ADWEA) and Union Water & Electricity Company (UWEC).

In January 2004, the main $1.6 billion EPC award for the gas processing and compression plant went to JGC Corporation of Japan. The plant will receive wet gas from Dolphin’s facilities in Qatar’s offshore North Field, and will strip out valuable hydrocarbon liquids including condensate and NGL products, for processing, marketing and sale. The plant will compress the resulting dry gas for transportation by Dolphin’s export pipeline to the UAE. The construction period is 42 months from the date of award.

The second award is for a significant equipment element of the plant. The six compression trains will be driven by 52 MW gas turbines that will be supplied and commissioned by Rolls Royce Energy Systems of the UK between the second and third quarters of 2005.

The third award has been made to J Ray McDermott Middle East Inc, with a scope of work that provides for the fabrication, installation and hook up of Dolphin Energy’s two offshore production platforms in the North Field.

The export pipeline between Qatar and the UAE will be installed by Saipem of Italy under a contract in excess of $350 million. Subsequent to the EPC award of the export pipeline, Saipem successfully bid for the $115 million-plus sealines contract, which covers the engineering, procurement and installation of two 36-inch diameter concrete-coated sealines offshore north east Qatar. In November 2004, Dolphin Energy awarded the $62 million-plus EPC contract for building the onshore receiving facilities at Taweelah, Abu Dhabi for the export pipeline from Qatar to a consortium comprising Technip Abu Dhabi and Al Jaber Energy Services of the UAE.

The facilities are being built adjacent to the existing Taweelah Power Station. They will initially comprise three parallel gas receiving trains and associated equipment, metering facilities, control buildings and warehouse plus additional interconnecting pipelines to the Taweelah Power Stations and to the existing Maqta-Jebel Ali Pipeline.

Qatar/Kuwait Gas Supply Project
Discussions continue in regards to the intergovernmental agreement between the transit countries and other necessary agreements.

RasGas LNG Trains 3, 4 & 5
These LNG Trains, of which Train 3 came on stream early last year, have CMS&A as the EPC contractor for the onshore component and J. Ray McDermott Middle East as offshore contractor.
Train 3’s output of 4.7 mmtpa is earmarked solely for India’s Petronet which has signed a 25-year, 5 mmtpa SPA with RasGas.
The use of a wet gas pipeline for Train 3 has allowed a significant increase in the capacity of the pipeline through elimination of the offshore dehydration equipment and its associated pressure drop.
The thicker 38-inch wet gas pipeline allows full wellstream fluids to be brought to shore without expensive offshore dehydration facilities. And a total throughput increase of 25 per cent to 2 BSCFD gas equivalent reduces unit costs for transporting gas to shore for processing.
Train 4, identical to Train 3 and with the same output, will cater to requirements of Edison of Italy and is expected to start up in the autumn of 2005.

Coupled with existing production from Trains 1 and 2, upon completion of the Expansion Project (Trains 3 & 4) the total RasGas LNG production capacity will reach 16 mmtpa.

RasGas (II) LNG Train 5 EPC was awarded to the consortium of Chiyoda Snamprogetti & Co WLL in July 2004. The Train 5 project will be built adjacent to the existing LNG Train 3, completed in December 2003, and Train 4 now being executed, both by CSM&A. Train 5 will produce 4.7 mmtpa of LNG, mostly for the European market. Start-up is scheduled in mid-2007.

RasGas LNG Trains 6&7
A Heads of Agreement (HOA) was signed between Qatar Petroleum and ExxonMobil in October 2003 to develop 2.9 bscfd of North Field gas from the contract area assigned to RasGas Expansion Projects. The project, with QP holding at 70 per cent and ExxonMobil at 30 per cent, is targeting the US market with two 7.8 mmtpa trains.

The design of the trains will be identical to Qatargas Train II, consisting
of LNG Trains 4 & 5. Since the trains will be located within the RasGas plot, synergies will be maximized to reduce the capital cost. Target commissioning of Train 6 is May 2008 while that of Train 7 will follow with a one-, two-year interval. Total estimated investment including ships is about $12 billion.

Qatargas II project
Involves the installation of two 7.8 mmtpa LNG trains for export to the UK market by 2007 and 2009 respectively. Pre-FEED was completed in 2002, FEED started in 2003 and drilling of data and appraisal wells commenced in May 2004. The total value of the project is $12 billion.

Three wellhead platforms and two 36” pipelines are envisaged to produce and transport 2.8 bscfd of gas and the associated condensate to the Ras Laffan onshore plant in a wet scheme.

Qatargas II and the UK’s South Hook LNG Terminal Co. Ltd – owned by Qatar Terminal Company Limited and ExxonMobil Qatargas (II) Terminal Company Limited – signed financing documents securing funds to execute the project. Qatargas II entered into funding agreements totalling $6.5 million debt and South Hook Terminal Co. entered into funding agreements totalling 600 million pound sterling. In total, $7.6 billion was raised from 57 institutions, the largest energy project financing ever, according to QP, and the first ever on a full LNG chain integrated basis.

An EPC contract, valued at around $4.5 billion, was awarded in December 2004 to a joint venture of Chiyoda and Technip France for the onshore facilities within the existing Qatargas plot, where three LNG trains currently produce over 8 million tonnes per annum of LNG.
CBI was awarded a lump-sum turnkey contract with a value of $700 million for Phase 1 of the grassroots liquefied natural gas (LNG) import terminal in Milford Haven, Wales, U.K.

A view of the Rasgas LNG train 3

The terminal is designed to process 7.8 mmtpa baseload LNG supply from the first phase of the Qatargas II Project. The scope includes a ship unloading system, three full containment 155,000 cubic meter LNG storage tanks, and a regasification and sendout system. Marine works include major refurbishment of an existing jetty to allow berthing of LNG tankers. The facility is scheduled for commissioning in the fourth quarter of 2007.

In addition, QP said twenty five time charters have been reached for eight LNG transport ships with two consortia, ProNav-Commerzbank-Qatar Gas Transport Company and Overseas Shipholding Group-Anglo Eastern-Qatar Gas Transport Company.“The Qatargas II project is a major achievement that will provide the UK a significant additional source of natural gas and strengthen the ties between Qatar and the UK. Working together with our partner ExxonMobil, we have been able to significantly reduce the costs of delivering LNG to the UK and so create a strong financeable project,” said H.E Al-Attiyah

Qatargas III
An HoA was signed with ConocoPhillips in July 2003 to develop 1.4 bscfd of North Field gas and install an LNG train (7.5 mmtpa) within Qatargas’ plot. The $5 billion project will benefit from Qatargas II studies and will have synergy, to a maximum possible extent, with the Qatargas II project, including joint EPC contracting, joint drilling and joint procurement of the shipping fleet. The project is currently in the feasibility stage with a target commissioning by mid-2009.

The LNG will be shipped from Qatar in a fleet of 12 state-of-the-art LNG carriers, where, according to Faisal Al Suwaidi, Managing Director of Qatargas, it would be delivered to the US Gulf of Mexico.
Gas-to Liquids (GTL) Projects

Qatar Petroleum is actively pursuing a number of world-scale gas-to-liquids conversion projects for the production of synthetic fuels and base oil stocks. The projects are all integrated with offshore development to supply the large amounts of gas needed for these projects. These are active business opportunities that are being pursued, but the status of each of the projects is still at the preliminary stage.

Oryx GTL Project
All major project agreements have been signed with the relevant parties. Oryx GTL Ltd. was established at the end of January 2003 as a JV company between Qatar Petroleum (51 per cent) and Sasol (49 per cent). The design capacity of the project is 34,000 bpd of gas-to-liquid fuel. The EPC contract was awarded to Technip and the 33-month contract is being executed from their Rome office. The project reached financial close on 18 March 2003 with the EPC contract effective from 19 March 2003.

His Highness Sheikh Tamim Bin Hamad Al Thani, the Heir Apparent, on 7 December 2003 laid the Foundation Stone for the Middle East’s first gas-to-liquids plant. The GTL plant will be ready for start-up in December 2005 and first product will enter the international market during the second quarter of 2006.

QP and Sasol Chevron have signed a Memorandum of Understanding (MOU) for the Oryx GTL expansion project and have discussed the technical and business principles that will support the planned increase in the output of the foundation plant to 100,000 bbl/day. This will involve defining the feasibility of a three (3) train, 65,000 bbl/day facility with an expected start up by 2009.

Pearl GTL
Shell’s GTL is an integrated project which will develop about 1.6 bscfd of North Field gas to produce approximately 140,000 bpd of synthetic fuels and base oils.

The project will be developed in two phases with the first phase operational in 2009, producing around 70,000 bpd of GTL products with the second phase to be completed less than two years later. Qatar Petroleum and Qatar Shell GTL Limited (Shell) signed the Development and Production Sharing Agreement (DPSA) for Pearl GTL in July 2004.
The first of two appraisal wells in the North Field were drilled in February 2004 and the Front End Engineering and Design (FEED) contract was awarded to JGC Inc. of Japan in March 2004.

Sasol Chevron
Sasol Chevron submitted a Project Profile Proposal to QP in July 2002 for an integrated upstream/downstream GTL project to produce 120,000 bpd of GTL products in two phases. The project will produce naphtha and diesel as the primary products. A Statement of Intent was signed for this project in November 2002.

As part of its ongoing project work, Sasol Chevron submitted a Scoping Study to QP in June 2003. Progress has yet to be made on commercial issues to enable further progress with the technical development of the project.

Initial indications were for startup of the project by 2010, but a revised startup date will be produced when the next round of negotiations with Sasol Chevron commences.

QP and Sasol Chevron have also signed a Letter of Intent (LOI) to examine GTL Base Oils opportunities in Qatar.

QP and Sasol Chevron have agreed to pursue the opportunity to develop a 130,000 bbl/day upstream/downstream integrated GTL project based on the Sasol Slurry Phase Distillate Process and utilising resources from the North Field.

This will involve defining the feasibility of a six (6) train facility with an expected start up by 2010. These efforts will lead to the establishment of a Heads of Agreement (HOA) for the project.

The combined plan will represent an investment of more than $6 billion, making it one of the most significant developments in the global GTL industry.

ExxonMobil GTL
The $7 billion project is for the production of synthetic GTL products in excess of 150,000 bpd. Feedstock for the GTL Plant will be provided from two wellhead platforms; approximately 1.8 bscfd will be required to yield the target GTL production. The project will produce base oil stocks in addition to the synthetic fuels.

Onshore gas treatment and NGL recovery plants will benefit, to the maximum extent possible, from the existing RasGas infrastructure to reduce the overall project cost. LPG, condensate and sulphur storage/loading will most likely be shared with other ongoing projects at Ras Laffan.

The HOA signed in July 2004 specifies the principal terms for the project that will be defined in a Development and Production Sharing Agreement (DPSA). The term of the DPSA will be 25 years from the start of production, which is expected to commence in 2011. FEED is expected to begin upon execution of the DPSA.

Marathon
The Marathon GTL project will produce approximately 120,000 bpd of naphtha and diesel.

The project will consist of two trains of equal capacity. Phase I first commercial production is planned for 2010. Offshore development is based on two unmanned wellhead platforms and two wet scheme pipelines configuration.

Details regarding venture partners are continuing.

The project will be executed on a Production Sharing Agreement basis. Marathon’s pre-FEED work was completed during the last quarter of 2003 and commercial negotiations are continuing.

ConocoPhillips
ConocoPhillips is planning to develop its GTL project in two phases, each producing approximately 80,000 bpd of GTL products – naphtha and diesel using CoPOX technology.

Two wellhead platforms with adequate number of wells will provide the required feedstock for the GTL plant.

The company completed a feasibility study that was submitted to QP mid 2003. A Statement of Intent to proceed with the project was signed with QP in December 2003.

Pre-FEED (front end engineering & design) work is continuing. Startup of the first phase of the plant is scheduled for 2010. The project is structured on the basis of a Production Sharing Agreement, as with all other large-scale Gas-to-liquid projects.

Petrochemicals
Cracker at Ras Laffan
A Joint Venture Agreement (JVA) was signed on 13 June 2002 between Q-Chem II (53.31 per cent), Qatofin (45.69 per cent) and QP (1 per cent) to establish a steam cracker at Ras Laffan with design capacity of 1,300,000 mmtpa of ethylene. An ethylene pipeline from Ras Laffan to Mesaieed will supply ethylene to Q-Chem II and Qatofin plants.

Qatofin
Qatofin is a joint venture between Qatar Petrochemical Company (63 per cent), Atofina (36 per cent) and Qatar Petroleum (1 per cent) for production of 450,000 mtpa of linear low density polyethylene(LLDPE) adjacent to QAPCO site.

The feasibility study was completed in December 2002. The Invitation to Bid (ITB) document for Engineering Procurement & Construction contract was sent to bidders on 22 July 2003.
Negotiations continued on several project agreements. The estimated start-up of the project is during the third quarter of 2008.

Q-Chem II Project
An amended JVA was signed on 13 June 2002 between QP (51 per cent) and Chevron Phillips (49 per cent) to establish an ethylene derivatives plant at Mesaieed, adjacent to the Q-Chem plant, with a design capacity of 350,000 mtpa of HDPE and 350,000 mtpa normal alfa olefins. The feasibility study was completed in December 2002. The FEED contract was awarded to Aker-Kvaerner. The estimated start-up of the project is third quarter 2008.

DME Project with MGC
A letter of intent was signed on 10 June 2003 with Mitsubishi Gas Chemicals (MGC) and ITOCHU to establish a project for the production of Di-Methyl-Ether (DME) at Ras Laffan in Qatar.
The production capacity of the project is 1.7 mmtpa of DME. The project is planned to start-up around the fourth quarter of 2008.

Fuel Grade-Methanol Project
Heads of Agreement (HoA) was signed with Petroworld Ltd on 14 September 2003 for the development of a large scale fuel grade methanol project targeting an output of 12,000 to 15,000 mtpd at Ras Laffan. The partners expect the proposed project to come on stream by 2008.

Production Sharing Fields
Exploration & Production
Qatar Petroleum continued to adopt the policy of developing hydrocarbon resources through Exploration and Production Sharing Agreements (EPSA) and Development Production Sharing Agreements (DPSA) with major international oil and gas companies.

EPSA Areas
Block-2 (EnCana International Qatar Ltd/Chevron/Svenska)
Block-4 (Anadarko Petroleum Corporation): Qatar Petroleum and Anadarko Petroleum Corporation, signed in May 2004 a new Exploration and Production Sharing Agreement for offshore Block–4. The 3,132 km sq. offshore acreage designated as Block–4 Area, is located north of the State of Qatar. The block is situated within some of the world’s most prolific petroleum systems, and has remained unexplored for the last 30 years.

Terms of this agreement call for an initial five-year exploration phase during which Anadarko, in partnership with Qatar Petroleum, will undertake a work programme comprising technical studies, seismic reprocessing, acquisition of 2D and 3D seismic data and exploratory drilling. Pending the results, hydrocarbon development will be carried out. All relevant operations and studies will be implemented with QP supervision.

Anadarko Qatar Block-4 Company is a new sister of Anadarko Qatar Energy Company, which operates the Qatari Al-Rayyan Oil Field in Block-12 as well as the exploration Block-13 offshore, Qatar, under similar Exploration and Production Sharing Agreements with Qatar Petroleum.
Anadarko acquired its position in Qatar through the purchase of Gulf Stream Resources in 2001. With the purchase of BP’s interests in Blocks 12 & 13 in Qatar in 2002, Anadarko increased its working interesting from 65 per cent to 92.5 per cent and became the operator. Anadarko also holds a 49 per cent interest in Block –11, operated by Wintershall.

The exploration and production sharing agreement approach, which has been applied extensively in Qatar during the last 15 years to increase Qatar hydrocarbon reserves and production, has proved to be very successful, says QP. This exploration agreement is one of a series of EPSAs Qatar Petroleum has signed with several international oil companies to explore and develop Qatar oil and gas resources, which will have a positive impact on boosting Qatar’s economy.

Block-5 (Maersk Oil Qatar Co.)
Block-5 Extension Area (Maersk Oil Qatar): Qatar Petroleum and Maersk Oil Qatar AS signed in April 2004 an Exploration/Appraisal and Production Sharing Agreement for Block 5 Extension Area.

The 139 square kilometers offshore acreage, designated as Block-5 Extension Area, is located northwest of the Al-Shaheen Field. As part of the agreement Maersk Oil Qatar will undertake an extensive work programme, which includes conducting detailed geological, geophysical studies and drilling a number of wells. Pending the results, fast track development will be carried out. All relevant operations and studies will be implemented with QP supervision.

Maersk Oil Qatar AS operates the Al Shaheen Field, Block 5, offshore, Qatar under an Exploration and Production Sharing Agreement with Qatar Petroleum. Maersk Oil Qatar AS and QP continue to appraise the development potential of the Al-Shaheen Field. The success of Al-Shaheen field appraisal and production and the signing of this Block 5 Extension Area agreement are the results of high level cooperation between Qatar
Petroleum and Maersk Oil Qatar.

Block-10 (Talisman)
Block-11 (Wintershall Consortium)
Block-13 (Anadarko Qatar Company)
Exploration Open Areas
Najwat Najem DPSA Preparation
Blocks-1, 3, 7 and 14: In-house hydrocarbon prospective studies continued as pre-bidding campaign phase of EPSAs.
Qatar Hydrocarbon Systems Joint Study successfully completed.

Summary
Block-2: Post drilling studies of wells AM-2, AM-3, UZ-3 & AK-2 continued to assess the remaining potential of the Block-2.
Block-5: The successful Nahr Umr appraisal well Al-Shaheen AP-17 was drilled in Block 5 during the year 2003.
Block-10: EPSA was officially awarded on 13 April 2003 to Talisman. All the block relevant pre-existing data was delivered to the operator, and QP Exploration Department is working with the contractor to start the operations.
Block-11: 2D seismic acquisition started late 2003 and is successfully ongoing as planned.
Block-13: 3D seismic acquisition was completed successfully during 2003.
With inputs from Qatar Petroleum
Najwat Najem: In house preparations for DPSA campaign are ongoing.
Qatar Hydrocarbon System Study was successfully completed on budget and as planned.
EPSA/DPSA- Production Fields Activities
Currently there are seven offshore fields, which are under various stages of development by the following operating companies:

Field Operator
Al Shaheen: Maersk Oil Qatar
Al Rayyan: Anadarko Qatar Energy Co.
Al Khalij: Total

*Idd El Shargi North Dome: Occidental Petroleum Qatar

*Idd El Shargi South Dome: Occidental Petroleum Qatar
Al Karkara/A-Structure: Qatar Petroleum Development Co.
El Bunduq: Bunduq Company Ltd.

*Idd Al Shargi: CGG was selected to process two leading-edge multi-component (3D/4C) OBC surveys for Occidental Petroleum of Qatar and Qatar Petroleum over the Idd Al Sharqi field in Qatar.
The Idd Al Sharqi field consists of two highly fractured carbonate reservoirs, which have been in production for decades. The field has been targeted for a multi-component seismic study, due to the need to enhance understanding of the reservoir and fracture network for further development planning.

The two studies, which cover both the North and South areas of the field, are designed exclusively for multi-component and wide-azimuth acquisition. Once processed, further work will be conducted on the data by the Oxy and Qatar Petroleum teams — combining both PP and PS fracture and anisotropy related attributes in order to complete the characterization study and enhance the overall understanding of the reservoir.

Acquisition of the surveys started in December 2003 and was completed in May 2004. The processing sequence is anticipated to take between 12 and 12.5 months after CGG received the final field tapes
Oil & Gas Revenues & Trade Surplus

The relevant data in Table 2 reveals that the preliminary figures of the actual public revenue increased in the fiscal year 2003/2004 by 2.3 per cent above the actual revenue of the previous year to reach Qatari Riyals 29,165 million. In addition, the actual revenue of 2003/2004 was 35.1 per cent above the budget estimates of the mentioned year.
The rise in actual revenue in 2003/2004 was the outcome of a twin increase in oil and gas proceeds (thanks to rising oil prices and increasing oil and LNG shipments), not to forget the increase of investment revenue.

Actual oil and gas revenue during fiscal year 2003/2004 rose to reach Q.R 18,487 million, accounting for 63.4 per cent of the total revenue.
These are to be compared with actual oil and gas revenue of Q.R18,159 million in the previous year. Investment revenue stood at Q.R 8,061 million during the year 2003/2004, accounting for 27.6 per cent of the total revenue.

Trade balance
The increase in trade balance in 2003 to QR 32,156 million came as a result of an increase in export (fob) by 20.2 per cent and a lower increase in imports (fob) by 19.4 per cent. The surplus in trade balance offset the deficit in other current accounts and left the overall balance in surplus. The trade balance accounted 43.2 per cent of the GDP in 2003 compared with 37.2 per cent in 2002.

Total exports (fob) soared to a new record in 2003 due to an increase by 19.3 per cent in oil export and by 32.9 per cent in LNG export. Other exports declined slightly by 2 per cent and total exports reached QR 48,021 million. Oil exports represented 50.9 per cent of total exports in 2003 and grew by QR 3,961 million or 19.3 per cent above 2002 to reach QR 24,449 million, compared with QR 20,488 million. LNG export ranked second and represented 35.3 per cent of total exports

Source: Qatar Central Bank