Exclusive: Qatar Shortlists Partners For North Field Expansion, But Says It May Go It Alone

www.oann.com | 6/24/2019 | Staff
baileyboo (Posted by) Level 3
DOHA (Reuters) – Qatar has shortlisted international oil firms for a stake in its expanded North Field megaproject, Qatar Petroleum’s chief executive told Reuters, but may still choose to go it alone unless majors offer it significant value.

The expansion of tiny but gas-rich Qatar’s liquefied natural gas (LNG) facilities, already the world’s largest, is one of the energy sector’s most lucrative projects, and the world’s top oil and gas majors have been racing to secure a stake.

Invitations - Month - Result - Quarter - Saad

Invitations to bid were sent out last month and the result is due to be announced in the first quarter of 2020, Saad al-Kaabi, who is also minister of state for energy, said – if Qatar decides to go with partners at all.

“We like the partnership model for many benefits. But because we don’t need the partners, what’s going out is basically a set of criteria that we have, to demonstrate to us what added value we get for Qatar if you come in,” said Kaabi.

Something - LNG - Assets - Market

“Maybe they can give us something outside,” he said, referring to LNG assets outside its domestic market.

QP wants to lift its LNG production to around 110 million tonnes per annum from today’s 77 mtpa over the next five years by building four new production facilities.

Office - Doha - Kaabi - Reuters - Contracts

Speaking from his office in Doha, Kaabi told Reuters that with the remaining contracts for its completion set to be awarded by the end of 2019, it was now asking a shortlist of majors to bid for a stake in the completed project.

He did not say how large a slice of the asset would be on offer, and declined to comment on which companies had been shortlisted.

Exxon - Mobil - Shell - Italy - Eni

Total, Exxon Mobil, Shell, and Italy’s Eni have all offered QP stakes in prize assets abroad in a bid to secure a stake in the project.

Those assets, from stakes...
(Excerpt) Read more at: www.oann.com
Wake Up To Breaking News!
Sign In or Register to comment.

Welcome to Long Room!

Where The World Finds Its News!