Qatar Petroleum plans to invest over 40 billion QAR

Posted by Joseph R. Fonseca
Monday, May 12, 2014
Dr. Mohammed bin Saleh Al-Sada, Minister of Energy and Industry and Chairman of QP

 

Qatar Petroleum (QP) announced plans to invest over 40 billion Qatari Riyals (QAR) in the re-development of the existing Bul Hanine offshore oil field located about 120 kilometers to the east of the Qatari coastline.

The project, which is currently at the pre-FEED stage, is one of the largest to be managed and executed by QP. It is designed to prolong the field’s life by countering its production decline and doubling its current oil production rate.

Commenting on the redevelopment plans, H.E. Dr. Mohammed bin Saleh Al-Sada, Minister of Energy and Industry and Chairman of QP, said: “This important project is part of a development and production strategy based on maximum recovery of reserves through the longest possible plateau of sustainable production levels. It will help boost Qatar’s oil production capacity and reinforce its position as a reliable energy provider.”

H.E. Dr. Al-Sada expressed pride in what has been achieved so far in the development of Qatar’s oil & gas fields and assets. He said “Qatar Petroleum’s excellent track record in managing and executing mega projects over the years and the experience it has accumulated throughout will pave the way for the successful execution of this important and strategic project.”

His Excellency pointed out that “the Bul Hanine redevelopment constitutes another step in the utilization of Qatar’s hydrocarbon wealth and is consequently a key element in the implementation of the Qatar National Vision as launched and guided by His Highness Sheikh Tamim Bin Hamad Al-Thani, the Emir of the State of Qatar.”

“In addition to sustaining economic growth and providing financial stability, this re-development is also an important step towards building the capabilities of local resources by providing a unique experience opportunity for Qatari engineers,” H.E. Dr. Al-Sada concluded. 

QP is implementing a redevelopment program for its oil fields, which were originally developed with older technology, in order to ensure steady production levels. Major reservoir and field-wide studies have been undertaken – including seismic surveys – in order to re-assess the reserves and the long-term production prospects for each field. This has been carried out using Improved Oil Recovery Techniques and Full Field Redevelopment Plans, as well as the latest cutting-edge technology and powerful computer modeling and processing.
 

QP

Maritime Reporter September 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

New Superyacht ROCKIT.IT Launched by Feadship

Feadship says it has launched the outstanding 60.35-metre motoryacht ROCK.IT. Created for an experienced owner who has chartered Feadships and appreciated the essence of the brand,

FTA Approves WSF Ferry Terminal Plans

In the latest Washington State Ferries Weekly Update, Capt. George A. Capacci, Interim Assistant Secretary WSDOT/Ferries Division briefs as follows: "FTA approves

NZ Interislander Ferry to Dry-dock in Devonport

NewZealand's KiwiRail says that the Interislander ferry Arahura has left Wellington for her scheduled bi-annual dry-docking in Devonport, having last visited Auckland in July 2012.

Offshore

Drydocks World to Participate in SMM 2014

Drydocks World, the leading provider of maritime and offshore services to the shipping, oil, gas, and energy sectors, will participate in the prestigious 26th edition of Shipbuilding,

SBM Offshore Completes Real Estate Divestment

SBM Offshore is pleased to announce that is has completed the sale and lease back of its Monaco real estate portfolio.  The last of the three buildings was sold

Keppel T & T Appoints Lim Chin Leong to its Board

Keppel Telecommunications & Transportation Ltd (Keppel T&T) has strengthened its Board with the appointment of Mr Lim Chin Leong as an independent, non-executive

Energy

ABB Celebrates 125th Anniversary in Finland

ABB is celebrating today its 125th anniversary in Finland. Founded in 1889 in Helsinki by entrepreneur and inventor Gottfrid Strömberg, ABB Finland is today

China's National Carbon Market to Start in 2016

China plans to roll out its national market for carbon permit trading in 2016, an official said Sunday, adding that the government is close to finalising rules

Fukushima Fallout: Resentment Grows

Like many of her neighbours, Satomi Inokoshi worries that her gritty hometown is being spoiled by the newcomers and the money that have rolled into Iwaki since

News

RIMPAC Exercise Puts LCS Through Paces

It was the middle of May, and the littoral combat ship Independence was operating out of San Diego, testing components of the mine warfare mission package. The mission is one that,

NYK Opens New Planning Center in Kumamoto

On September 1, 2014, NYK and Kozo Keikaku Engineering Inc. established a stowage planning center for container shipping at the Kumamoto office of Kozo Keikaku Engineering Inc.

TNO Receives 'International Media Award for Prevention'

The Engagementgame developed by TNO in collaboration with partners is the winner of the 'International Media Award for Prevention' in the category Multi Media.

Offshore Energy

A Boost for UK Offshore Drilling? DW Monday Muses

Drilling activity offshore UK is now expected to increase over the next few years as government and industry reacts to the recommendations in Sir Ian Wood’s report

Drydocks World to Participate in SMM 2014

Drydocks World, the leading provider of maritime and offshore services to the shipping, oil, gas, and energy sectors, will participate in the prestigious 26th edition of Shipbuilding,

SBM Offshore Completes Real Estate Divestment

SBM Offshore is pleased to announce that is has completed the sale and lease back of its Monaco real estate portfolio.  The last of the three buildings was sold

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Pipelines Pod Propulsion Salvage Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1452 sec (7 req/sec)