Total, Qatar form JV develop Al Shaheen oil field

Total, Qatar form JV to develop Al Shaheen oil field

11:12 AM, 13th July 2017
Total logo

PARIS, FRANCE: Total SA and Qatar Petroleum (QP) has officially launched their new joint venture to develop the giant Al Shaheen offshore oil field for a period of 25 years beginning 14 July. The field produces 300 thousand barrels of oil per day.

Total holds 30 percent stake in the new JV named North Oil Company (NOC), whereas Qatar holds 70 percent stake.

Located in Qatari waters 80 kilometres North of Ras Laffan, the Al-Shaheen field began production in 1994. The existing development consists of 30 platforms and 300 wells, and production from the field represents about half of Qatar’s oil production.

The first phase of the development plan of Al Shaheen, consisting of the drilling of 56 new wells, will start this summer with the mobilisation of the first two rigs, with a third one to be added at the beginning of next year. This first phase will be followed by two others over the next 5 years to further develop the field.

“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,” said Patrick Pouyanne, chairman and CEO of Total.

“Total is fully committed to the development of its partnership with Qatar Petroleum both in Qatar and internationally, and is willing to further expand its cooperation in particular with new projects in Qatar,” added Pouyanne.

© Worldofchemicals News



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