Qatar Petroleum establishes North Oil Company

Qatar Petroleum (QP) has recently concluded the competitive process which it initiated in 2015, for the further development and operation of its Al-Shaheen offshore oil field, starting July 2017. As part of the announcement, QP said that the company that presented the best offer to meet QP requirements was Total.

The announcement was marked by the signature by QP and Total of the relevant agreements for the further development and operation of Al-Shaheen oil field, which was held under the patronage and in the presence of His Excellency Sheikh Abdullah Bin Nasser Al Thani, the Prime Minister and Minister of Interior of the State of Qatar.

The signed agreements included a Joint Venture Agreement (JVA) to establish a new Qatari company to be known as North Oil Company that will develop and operate Al-Shaheen oil field.

Mr. Saad Sherida Al-Kaabi, President & CEO of Qatar Petroleum said: “QP’s objective for the competitive process was to choose a partner that has world class technical capabilities that enable it to continue the development and operation of Al-Shaheen Field in partnership with QP, while at the same time ensuring the highest possible financial return to the State of Qatar.”

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