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

Contracts

VT Halter to Build Bouchard ATB Tugs

VT Halter Marine, Inc., a subsidiary of Vision Technologies Systems, Inc. (VT Systems), today announced new contracts to build two 130-foot Articulated Tug Barge

Del Mar Signs Agency Agreement with Ciramar

Del Mar Marine Corp. announced it has signed an agency agreement with Ciramar Shipyards allowing the company to promote Ciramar Shipyard´s docking and facilities

Great Lakes Shipyard Wins EPA Drydock Contract

Great Lakes Shipyard has been awarded a contract for the United States Environmental Protection Agency (EPA) vessel R/V Lake Explorer II. The scope of work will include drydocking,

Legal

Bulk Carrier Detained; Two Crew Convicted

A Hong Kong flagged vessel was detained in Queensland following a Port State Control (PSC) inspection conducted by the Australian Maritime Safety Authority (AMSA)

Bill Promotes US LNG Vessel Transport

Congressman John Garamendi (D-CA-03), Ranking Member of the House Transportation and Infrastructure’s Coast Guard and Maritime Transportation Subcommittee, introduced H.

Citigroup Seeks British Court Backing on China Metals Claims

Citigroup Inc said on Friday it has started proceedings in commercial court in London to enforce its rights over $285 million of financing at two ports in China,

Offshore

Japan Loans Petrobras $500m to Build Ship Platforms

Brazil's state-controlled oil company Petrobras signed on Friday a $500 million loan from Japan to build eight ship platforms for the oil industry, as part of the

ESS Lands Second Contract with Dolphin Drilling

ESS Support Services Worldwide, part of Compass Group, has won a new, three-year contract, worth £10.5 million, to provide hotel and catering services to Dolphin Drilling Ltd.

MNZ Opens New Office in Port Taranaki

Maritime New Zealand (MNZ) informs that for the first time in 5 years it has a permanent presence in New Plymouth on the opening of a new office at Port Taranaki

Energy

Japan Loans Petrobras $500m to Build Ship Platforms

Brazil's state-controlled oil company Petrobras signed on Friday a $500 million loan from Japan to build eight ship platforms for the oil industry, as part of the

SEACOR Holdings Announces Q2 Results

SEACOR Holdings Inc. has announced its results for its second quarter ended June 30, 2014. For the quarter ended June 30, 2014, net income attributable to SEACOR Holdings Inc.

Kurdish Crude Oil Tankships: End-Game Still in Doubt

After a legal show-down in Texas this week, the outlook for a handful of tankers holding some $300 million worth of Kurdish oil is not looking good. Seemingly

News

Fraser Yachts' 5th Sale in 10 days

Fraser Yachts announced this morning its fifth yacht sale in just ten days. Whilst the summer period is traditionally a quieter time for yacht sales 2014 seems

Fortis Earns $47 mi in the 2Q 2014

Fortis Inc. achieved second quarter net earnings attributable to common equity shareholders of $47 million, or $0.22 per common share, compared to $54 million, or $0.

VT Halter to Build Bouchard ATB Tugs

VT Halter Marine, Inc., a subsidiary of Vision Technologies Systems, Inc. (VT Systems), today announced new contracts to build two 130-foot Articulated Tug Barge

Offshore Energy

Japan Loans Petrobras $500m to Build Ship Platforms

Brazil's state-controlled oil company Petrobras signed on Friday a $500 million loan from Japan to build eight ship platforms for the oil industry, as part of the

ESS Lands Second Contract with Dolphin Drilling

ESS Support Services Worldwide, part of Compass Group, has won a new, three-year contract, worth £10.5 million, to provide hotel and catering services to Dolphin Drilling Ltd.

Geo-Science Provider TGS Reports Strong Half 2014 Results

TGS reports net revenues of USD 205 million in Q2 2014, compared to USD 210 million in Q2 2013. Earnings before interest and taxes (EBIT) totaled USD 82 million,

Seismic Vessel Tech

Geo-Science Provider TGS Reports Strong Half 2014 Results

TGS reports net revenues of USD 205 million in Q2 2014, compared to USD 210 million in Q2 2013. Earnings before interest and taxes (EBIT) totaled USD 82 million,

New Standard gets Revised Program for Cooper Basin Approved

New Standard Energy Limited (New Standard) advises that it has received approval for amendments to its five year work program in PEL570 in the Cooper Basin. As part of the revised program,

Rosneft Starts Up Field Work in the Kara Sea

On July 24 this year, research vessel Geolog Dmitry Nalivkin sailed from Kirkenes (Norway) to the Kara Sea. In the next three months 2D seismic survey, will

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Port Authority Ship Electronics Ship Repair Sonar
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: 0.3646 sec (3 req/sec)