Jul 04 2011 |
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Economic performance: Pearl GTL starts deliveries
On June 13th the first shipment of gasoil from Qatar's second gas-to-liquids (GTL) project, Pearl GTL, was dispatched to Europe, marking the start of the project's first train. The second train of the project is expected to go on stream by November. Each train is designed to produce 70,000 barrels/day (b/d) of GTL products—low-sulphur diesel, naphtha, kerosene, lubricant oils, and paraffin—and 60,000 b/d of condensates, liquefied petroleum gas and ethane. Full production capacity of both trains is expected to be reached by mid-2012. The project has been developed under a production-sharing agreement with Royal Dutch Shell (Netherlands/UK), which owns 49% of the project but bore the entire cost (an estimated US$18bn) and operates the plant. Qatar's first GTL project, Oryx GTL, which was designed to produce 34,000 b/d of GTL, went on stream in 2007 and is 51% owned by state-owned Qatar Petroleum ( QP ) and 49% by Sasol of South Africa.
Pearl GTL captures 1.6bn cu ft/d of gas from the North Field, the largest single reservoir of non-associated gas in the world, to produce the GTL products, and provides Qatar with an alternative means to monetise its massive gas reserves, along with piped gas and liquefied natural gas (LNG). According to QP officials, studies have revealed that GTL fuels can offer better returns than LNG on capital investment. Qatar also has other reasons to choose the GTL option. As an OPEC member, its oil production is subject to OPEC quotas, while GTL products are free of such restraints. Furthermore, unlike LNG, which requires long-term customers, regasification terminals and special vessels for transportation, GTL fuels can be transported by conventional ships and vehicles and sold anywhere in the world. Qatar had signed heads of agreement or letters of intent with a number of foreign energy giants to set up more GTL projects. However, all other projects were shelved due to a moratorium on further exploitation of the North Field gas.
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