AL SHA­HEEN PASSES INTO NEW HANDS

Qatar Today - - BUSINESS -

Maersk Oil’s con­tract to op­er­ate Qatar’s largest offshore oil­field wasn’t re­newed, with French en­ergy gi­ant To­tal win­ning a 30% stake in a new 25-year deal.

Qatar Petroleum will keep the re­main­ing 70% in the new joint ven­ture for the Al- Sha­heen Field, which cur­rently pro­duces around 300,000 bar­rels per day. To­tal plans to in­vest more than $2 bil­lion in de­vel­op­ing the Al- Sha­heen oil field over five years, pri­mar­ily to in­te­grate tech­nol­ogy, the com­pany’s CEO, Pa­trick Pouyanne, an­nounced at a press con­fer­ence in Doha. “Our first ob­jec­tive is to main­tain 300,000 bar­rels a day. Cur­rently that’s not a given as there’s a nat­u­ral de­cline [in pro­duc­tion] as it’s a com­plex field,” he said. “If we have op­por­tu­ni­ties to in­crease pro­duc­tion we will; there are parts of the field which have not been de­vel­oped.” To­tal will be in charge of op­er­at­ing the oil­field start­ing July 14, 2017, and a new com­pany named North Oil Co. will be cre­ated to man­age the joint ven­ture, Saad Al Kaabi, CEO of Qatar Petroleum said.

Newspapers in English

Newspapers from Qatar

© PressReader. All rights reserved.