Qatar Petroleum held a special event to inaugurate the North Oil Company (NOC), the new operator and developer of the Al-Shaheen Oil Field. The event was held under the auspices and in attendance of His Excellency Sheikh Abdullah bin Nasser bin Khalifa Al Thani, Prime Minister and Interior Minister of Qatar.
Qatar Petroleum has announced that the North Oil Company has successfully completed all transition activities to take over the operation of the giant Al-Shaheen Oil Field on Friday 14 July 2017 – the day of the expiry of the exploration and production sharing agreement between Qatar Petroleum and Maersk Oil. Under the new contractual agreements signed in June 2016, NOC has been granted the rights to the development and operation of Al-Shaheen Oil Field for the next 25 years.
North Oil Company started a year ago as a joint-venture between Qatar Petroleum owning 70%, and the French oil giant Total for the remaining 30%.
In a speech during the inauguration, Saad bin Sherida Al Kaabi, President and CEO of Qatar Petroleum, welcomed the HE the Prime Minister and the CEO of Total. He said:
First of all, I would like to extend my deep thanks to Maersk Oil, whose production sharing agreement with Qatar Petroleum will expire in two days. Maersk has worked in this field for 25 years and has exerted great efforts in its successful development. I wish them every success. I would also like to invite them to join hands with Qatar Petroleum in the new field development opportunities, whether inside or outside Qatar.’
Al Kaabi welcomed North Oil Company to Qatar’s oil and gas family ad said:
I would like to thank all those concerned in Qatar Petroleum, Total, North Oil Company, and Maersk for all their efforts in ensuring a smooth and safe transition of the Oil Field’s operations. NOC marks an important milestone in Qatar’s oil and gas industry and will play an important role in maintaining the longest possible plateau of sustainable production levels and hence, in contributing to the State of Qatar’s economic development over the next 25 years.’
We attach great value to our relationships with our international partners in the oil and gas industry, including Total, which has worked in Qatar for more than 80 years, sharing our core principles and values to the highest security, safety and environmental standards in all our operations. We believe that such values are core to making Qatar one of the most attractive countries in the world for investment in the oil and gas sector.’
The CEO also emphasised that Qatar Petroleum remains committed to its obligations towards all its customers without exceptions, and said:
We have demonstrated a unique ability to respect our contracts in the best ethical business practice regardless of the prevailing circumstances. We are proud of the international recognition and admiration which Qatar Petroleum has received for its professional conduct during the unjust siege that has been imposed on the State of Qatar and its people and residents. We have mobilised all resources, from the very first day of this aggressive act, to ensure continued safe and reliable energy supplies to all customers in more than 130 countries across the globe. We have also affirmed business as usual throughout all our operations, and across all of QP’s world-class facilities. I would like to re-affirm that Qatar Petroleum and all its companies have placed adequate plans to function under the assumption that the status quo could continue indefinitely. I would like to thank all those working in the energy sector, Qataris and expatriates, who have been working diligently as one solid team to ensure business as usual.’
Commenting on the occasion, Patrick Pouyanné, Chairman and CEO of Total, said:
Joining Al-Shaheen is a major milestone and accomplishment in the long history of the Group’s partnership with Qatar, where we have been active for more than 80 years. The transition activities were conducted successfully, thanks to the strong commitment of all parties and the deployment of the best expertise by both Total and Qatar Petroleum.’
‘NOC will leverage its technical capabilities to optimise the exploitation of Al-Shaheen complex oil field. Our solid development plan for Al-Shaheen includes the drilling of more than 100 wells over the next five years and the implementation of new technologies in order to maintain production while preserving the highest safety standards and reducing operating costs.’
North Oil Field is set to become a world-leading offshore operator by developing one of the largest and most complex oil fields in the world and by applying cutting-edge, innovative and world-class technologies.
Since its creation, NOC has worked together with its shareholders and the former operator, Maersk Oil Qatar, to ensure a safe and efficient transition of the exiting operations.
Al-Shaheen Oil Field is located in Qatari waters 80 km north of Ras Laffan, with facilities consisting of 33 platforms and close to 400 wells. Currently producing about 300,000 barrels of oil per day. Al-Shaheen is Qatar’s largest offshore oil field and one of the largest offshore oil fields in the world.