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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Wind-powered Oil Recovery Project Green-lighted

The DNV GL-led WIN WIN Joint Industry Project (JIP), which melds offshore wind with offshore oil and gas, shows that for suitable fields,finds that  wind-powered

Barge Master Wins Innovation Award at OTC

The Barge Master T40 motion compensated knuckle boom crane has been recognized for technological innovation, winning the Spotlight on New Technology Small Business

Keppel Acquires LeTourneau

Keppel Offshore & Marine (Keppel O&M), through its wholly owned subsidiary, Keppel Offshore & Marine USA, Inc., has completed the acquisition of Cameron International

Energy

Wind-powered Oil Recovery Project Green-lighted

The DNV GL-led WIN WIN Joint Industry Project (JIP), which melds offshore wind with offshore oil and gas, shows that for suitable fields,finds that  wind-powered

Keppel Acquires LeTourneau

Keppel Offshore & Marine (Keppel O&M), through its wholly owned subsidiary, Keppel Offshore & Marine USA, Inc., has completed the acquisition of Cameron International

TOTE LNG Bunker Barge : Crew Training Program

GTT subsidiaries, GTT North America, Inc. and GTT Training Ltd, announce the award of the first contract of its kind for the development and implementation of a

Marine Materials

PPG Unveils Subsea Coating System

The PPG protective and marine coatings business is introducing and highlight the new PHENGUARD Subsea coating system.   The new product combination of PHENGUARD

Lerwick Harbor sees Seasonal Boost

The opening of the offshore season in northern waters has seen specialist oil industry vessels return to Lerwick Harbor during April to support subsea development projects.

Great Lakes Inks M.E., N.C. Coastal Protection Project Deals

Great Lakes Announces $55 Million in Subcontract Work in the Middle East and Award of $38 Million for a Domestic Coastal Protection Project Great Lakes Dredge

News

Container Market - Between a Rock and a Hard Place

The pain of the current container market downturn extends beyond carriers, says Drewry's Container Insight Weekly.    Some independent ship-owners are faced

CMA CGM Announces Emergency Operational Surcharge for Zanzibar

CMA CGM has announced to its customers that there is increasing deterioration of the port congestion up to 15 days in Zanzibar, Tanzania, which is beyond their control.

Libya Eastern Oil Company Blocks Tanker Loading Crude for Tripoli Rival

An oil company set up by Libya's eastern government is preventing a tanker from loading a cargo for its Tripoli rival, the National Oil Corporation (NOC), officials said on Tuesday.

Offshore Energy

Wind-powered Oil Recovery Project Green-lighted

The DNV GL-led WIN WIN Joint Industry Project (JIP), which melds offshore wind with offshore oil and gas, shows that for suitable fields,finds that  wind-powered

Crane Upgrade for Jack-up Vessel Sea Installer

Major modification work will bring A2SEA-owned vessel into line with growing demands of offshore wind industry   Damen Shiprepair Amsterdam (DSAm), part of Damen Shiprepair & Conversion,

Barge Master Wins Innovation Award at OTC

The Barge Master T40 motion compensated knuckle boom crane has been recognized for technological innovation, winning the Spotlight on New Technology Small Business

Seismic Vessel Tech

TGS, PGS Team Up on Eastern Canada Seismic

TGS announces the expansion of its multi-client library offshore Eastern Canada with plans to acquire more than 36,000 km of 2D seismic data, in partnership with PGS,

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | 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: 0.1882 sec (5 req/sec)