Qatar Petroleum, Total launch new venture for oil field

Qatar Petroleum, Total launch new venture for oil field

The joint venture, named the North Oil Company, was formally inaugurated Tuesday in Qatar's capital, Doha.

Qatar Petroleum said that NOC has finished all transition activities to take over the operation of the giant Al-Shaheen oil field on 14 July 2017.

Total will start work this week on Qatar's biggest oil field and is willing to make more investments in the country, which faces a trade boycott led by fellow OPEC producer Saudi Arabia. There will be no disruption in output and deliveries of crude during the transition to Total as the field's operator, he said.

Under the patronage, and in the attendance, of His Excellency Sheikh Abdullah Bin Nasser Bin Khalifa Al-Thani, the Prime Minister and Interior Minister, Qatar Petroleum held a special event to mark the inauguration of North Oil Company (NOC) as the new operator and developer of the offshore Al-Shaheen oil field, north of Qatar. Qatar Petroleum holds 70% stake in NOC, with Total holding the remaining 30%.

Under the new contractual arrangements, NOC has been given the rights to develop and operate the Al-Shaheen oil field for the next 25 years.

The Al-Shaheen field began production in 1994 and it accounts for about half of Qatar's oil production. This first phase will be followed by two others over the next 5 years to further develop the field. The first phase of the development plan of Al Shaheen, consisting of the drilling of 56 new wells, will start this summer with the mobilization of the first two rigs, with a third one to be added at the beginning of next year. We are proud of the worldwide 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.

Sources told Reuters earlier this month that Exxon, Shell and Total have all expressed interest in helping Qatar expand its gas facilities, with top executives traveling to Doha in recent weeks even after a spike in political tensions. The offshore field produces around 300,000 barrels of oil per day.

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