QP begins search for Al Shaheen partner

Decision is a blow to Maersk Oil, which has been the operator since 1992

The Al Shaheen field.
The Al Shaheen field.

Qatar Petroleum has initiated an evaluation process for the selection of a partner to undertake the future development of the Al Shaheen field, as the current agreement expires mid-2017.

Maersk Oil has been operator of the Al Shaheen field since 1992 and together with Qatar Petroleum successfully unlocked the potential of the field for more than 20 years producing around 300,000 bopd, some 40% of Qatar’s daily oil production.

“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,” said Saad Sherida Al-Kaabi, president and CEO of Qatar Petroleum.

“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,” he added.

Jakob Thomasen, CEO of Maersk Oil, said: “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.

“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.”

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