AL SHAHEEN PASSES INTO NEW HANDS
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.