Despite a number of global challenges created by ongoing pandemic, Qatar Petroleum is continuing its journey to achieve greater goals with the help of company’s vision and timely designed strategies.
In recent weeks, Qatar Petroleum has expanded its global presence. Recently, Qatar Petroleum entered into a farm-in agreement with Total to acquire a 45% participating interest in blocks CI-705 and CI-706, located in the Ivorian-Tano basin, offshore the Republic of Côte d’Ivoire.
The two blocks cover an area of approximately 3,200 square kilometers, and present multi-target hydrocarbon prospects in water depths ranging from 1,000 to 2,000 meters, 35 kilometers from shore and about 100 kilometers from nearby Foxtrot, Espoir and Baobab fields.
Before that Qatar Petroleum (QP) also entered into three farm-in agreements to acquire about 30 percent of Totals participating interest in blocks 15, 33 and 34 located in the Campeche basin, offshore Mexico.
Last month, Qatar Petroleum had entered into an agreement to reserve LNG ship construction capacity in China to be utilized for Qatar Petroleum’s future LNG carrier fleet requirements, including those of its ongoing North Field expansion projects. Pursuant to the agreement, a significant portion of Hudong’s LNG ship construction capacity will be reserved for Qatar Petroleum through the year 2027.
Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum (QP) H E Saad bin Sherida Al Kaabi has now said that Qatar Petroleum is planning greater international upstream expansion and will continue farming-in and acquiring promising exploration blocks around the world with major players.
Speaking during a webinar organized by the US-Qatar Business Council, the Minister of State for Energy Affairs said recent global developments came right at the heels of a number of other geopolitical developments including trade war threats and regional tensions.
The Minister of State for Energy Affairs also discussed Qatar’s efforts to serve the market and to meet demand for an efficient source of energy that can help solve the global environmental challenge, and meet the upcoming economic requirements.
“We are going full steam ahead with the North Field expansion projects to raise Qatar’s LNG production capacity from 77 million today to 110 million tons per annum by 2025 and 126 million tons per annum by 2027,” H E said during the webinar, adding that the final onshore commercial bids will be received by September and that contracts will be awarded by the end of the year.
Al Kaabi stressed that Qatar Petroleum is developing its capabilities and international presence with an ultimate goal of being recognized as an International Oil Company (IOC) rather than just a National Oil Company (NOC).
