Qatar Petroleum (QP), Qatar’s state-run oil and gas company, has issued invitations to a international oil & gas companies to compete for the future operation and development the country’s largest offshore oil field Al-Shaheen, starting in mid-2017.
The date marks the expiration of QP’s existing Al-Shaheen exploration and production sharing agreement with Maersk Oil of Denmark. Maersk Oil is among the companies invited to compete for the future development and operation of Al-Shaheen Field.
Saad Sherida Al-Kaabi, President and CEO of Qatar Petroleum said: “The future operation and development of Al-Shaheen oil field is of critical strategic importance to the optimum exploitation of the natural resources of the State of Qatar. Therefore, the selection of our partner in this endeavour will be based on such partner’s ability to offer the best technological solutions for the field’s development combined with the best financial return to the State.”
Al-Shaheen oil field, located 80 km off Qatar’s shores, is one of the largest oil fields in the world and the largest oil producing field in Qatar. The field currently produces around 300,000 barrels of oil per day; and is operated by Maersk Oil Qatar under a 25-year exploration and development agreement put into effect in 1992.
Maersk Oil keen to remain operator
“We have developed an unrivalled technical experience and understanding of this complex offshore field and have a robust plan to deliver future value from Al Shaheen,” says Jakob Thomasen, CEO of Maersk Oil.
We have known that we would be challenged on terms and conditions in connection with the 2017 extension and have been awaiting more information on how Qatar Petroleum wished to go about such a process. We look forward to this opportunity to continue our partnership with Qatar Petroleum, based on our long term commitment and detailed technical knowledge.”