Qatar Petroleum, Total launch new venture in Shaeen Oil Field

Doha:  - Qatar Petroleum (QP) Tuesday held a ceremony to inaugurate the operations of North Oil Company, the new developer and operator of Shaheen Oil Field in northern Qatar.

QP announced that the North Oil Company has successfully completed all the transition activities to operate the Shaheen field as of July 14, the date of the expiry of the exploration and production sharing agreement signed between QP and the current operator, Maersk Denmark.
Under the new contractual arrangements established by Qatar Petroleum in June 2016, the North Oil Company was granted the right to develop and operate the Shaheen Oil Field for 25 years.
North Oil Company was founded a year ago to develop and operate the Shaheen oil field. The company is a joint venture between Qatar Petroleum (70 percent) and Total France company (30 percent).
QP President and CEO Eng. Saad Sherida Al Kaabi said in remarks at the press conference held on the margin of the ceremony that the North Oil Company intends to invest, over the next five years, about USD 3.5 billion dollars in the field, which is the largest oil fields in the State of Qatar.
Eng. Al Kaabi said that Qatar Petroleum attaches great value to its relationship with its international partners in the oil and gas sector, including Total, which has been working in Qatar for more than 80 years. The two sides share the basic principles of commitment to contracts, transparency and the highest standards of security, safety and environment in all operations, he added expressing belief that Qatar's commitment to these principles has made it one of the most attractive countries for investment in in the oil and gas sector.
He added that the contract between QP and Total for the development and operation of Shaheen oil field is completely different from the contract with Maersk, explaining that the new contract was drafted in a way to ensure the highest returns for Qatar.