Qatar鈥檚 state-owned energy company Qatar Petroleum (QP) selected Total as a new partner for the future development and operation of the Al Shaheen oil field, Qatar鈥檚 largest offshore oil field, QP stated on Tuesday.
鈥淨P鈥檚 objective for the competitive process was to choose a partner that has world class technical capabilities that enable it to continue the development and operation of Al-Shaheen Field in partnership with QP, while at the same time ensuring the highest possible financial return to the State of Qatar,鈥� Saad Sherida Al-Kaabi, president and CEO of Qatar Petroleum said.
According to inked joint venture agreement between QP and Total, which concluded the competitive process started in July 2015, a new Qatari company to be known as 鈥淣orth Oil Company鈥� will be established to develop and operate the Al Shaheen oil field.
The company, which will be 70 percent owned by QP and 30 percent by Total, will begin operations in July 2017.
鈥淭he strong and serious technical and financial offers we have received during an industry downturn are a true testament to Qatar鈥檚 attractiveness reflected by its natural resources, safe investment climate, and for being such a great place to live in. This is another proof of Qatar鈥檚 ability to ensure the future successes of its development strategy, including that of its strategic natural resources,鈥� Al-Kaabi added.
Denmark鈥檚 Maersk Oil is the current operator of the Al Shaheen oil field but its 25 year production share agreement (PSA) expires in July 2017. Maersk and QP have together developed the Al Shaheen oil field over the past 24 years.
Al Shaheen offshore oil field is one of the largest oil fields in the world and has produced oil since 1994. Today, the oil field produces approximately 300,000 barrels oil per day which corresponds to 40 percent of Qatar鈥檚 crude oil.
By Ugur Ertas
Anadolu Agency
ugur.ertas@aa.com.tr
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