Qatar Petroleum (QP) and the French energy producer Total signed on Monday an agreement to co-establish the "North Oil Company" that will develop and operate Al-Shaheen offshore oilfield in Qatar. The new company will be 70 percent owned by QP and 30 percent by Total. QP President and CEO Saad Sherida Al-Kaabi said that objective of the bidding process for the new company which started in 2005 was to choose a partner that has world class technical capabilities.
"Total is qualified to enable the new joint venture to continue developing and operating Al-Shaheen oilfield in partnership with QP while ensuring the highest possible financial return to the State of Qatar," he told reporters following the signing ceremony. "The success of the bidding process is owed to the vision, guidance and strong support of the Qatari Amir Sheikh Tamim bin Hamad Al Thani.
"This process has -from day one- enjoyed the gracious guidance of His Highness the Amir to seek innovative ways to develop our country's energy resources through successful international partnerships, to enhance the transfer of technology and knowledge, develop our young workforce in Qatar," Al-Kaabi added.
He thanked Maersk Oil Qatar for their efforts in managing Al-Shaheen field during the past quarter of a century and for the offer they have presented. He also thanked all the major oil companies that participated in the bidding process and encouraged them to participate in future opportunities in Qatar.
On his part, CEO of Total Patrick Pouyanne said his company appreciates the great responsibility entrusted to it by QP to develop and operate one of the world's biggest oilfields.
Total will do its utmost to provide Al-Shaheen oilfield with the latest technologies to increase its production capacity in the future, he pledged, adding that his company plans to invest additional USD two billion in the project between 2017 and 2022.
The output of Al-Shaheen oilfield over the last 22 years hit 1.6 billion barrels at a daily rate of 300,000 barrels which represent nearly 40 percent of Qatar's total oil output.
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