Qatar made its fortune on Natural Gas. Venezuela must have deposits Qatar wants to exploit that a war would interfere with. Don’t be fooled, Qatar is always about Qatar and the Al-Thani family that runs it.
“Qatar made its fortune on Natural Gas. Venezuela must have deposits Qatar wants to exploit that a war would interfere with. Don’t be fooled, Qatar is always about Qatar and the Al-Thani family that runs it.”
Qatar is the world’s largest LNG exporter sitting on some of the largest single Natgas reserves. Venezuela is the largest colder of heavy hydrocarbons on earth a trillion barrels in the Orinoco river basin. They are solid asphalt and bitumen in the ground. You must heat them somehow to at least 60C to make them flow like a semi liquid. You drill two bores one above the other horizontally through the formation you pump steam..LOTS of steam down the top bore it heats and liquefies the heavy hydrocarbons that then drain down and out the bottom bore.
This takes 10.53 million BTU per barrels produced that’s a lot of heat. The only economical way to get that much heat in a spot directly over or in those well bores is natural gas on site combustion. And you need cheap gas to even make it work. At $4 MMBTU Ngas it’s $42.12 just for the gas alone per barrels produced.
[$1.60 to $5.50 per MMBtu for US Gulf Coast to Europe, depending on daily charter rates, fuel costs, and vessel availability.]
It’s twice the distance to Qatar to VZ so basically to produce $70 bbl oil Qatar and VZ have to have delivered gas in the $3 range the means Qatar is basically giving the has to VZ for a cut in the profit of the sales of the produced bitumen.
^^^^ this is why QT and VZ are buddies