Gas undervalued, says Qatar

by Reuters Wednesday, 31 October 2007

Gas, viewed by many as a fuel for the future because it produces relatively few carbon emissions, is undervalued compared with oil, Qatar's energy minister said on Tuesday.

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"Today I feel unhappy and disappointed," Abdullah Al-Attiyah told reporters at a conference in London on Tuesday of the gas price. "The world has underestimated the value of gas. This is unfair, especially since we're selling such a high quality product."
Oil this week hit a record of $93.80 for US crude, driven by a combination of supply concerns, a weak dollar and tension in oil-producing countries.

For gas the closest to a global benchmark is US Henry Hub futures. They have averaged around $7 this year, according to Reuters data, around steady with prices last year, but lower than in 2005 when the average was around $9.

Qatar is the smallest oil shipper in Opec, but is a major exporter of gas.

Its vast north field, the largest reservoir of pure gas in the world, is producing around eight billion cubic feet per day (cfd), and it is the number one shipper of liquefied natural gas (LNG).



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