Qatar Discovers 2.5 Trillion Cubic Feet Natural Gas Field

Bloomberg reported that Qatar has discovered a sizeable natural gas deposit, which marks their first natural gas discovery in 42 years.

As quoted in the market report:

State-run Qatar Petroleum, Wintershall AG and Mitsui & Co (8031) plan to develop the reservoir in a 544 square-kilometer (338 square-mile) area called block 4N off the Persian Gulf state’s northern coast, the companies said today at a news conference in the Qatari capital, Doha. Qatar’s North Field, shared with neighboring Iran, was discovered in 1971 and provides the emirate with 900 trillion cubic feet in gas reserves.

To view the whole Bloomberg report, click here.