Qatar Petroleum NEWS

Industries Qatar has bought 25% stake in Qatar Fertiliser Co from Qatar Petroleum’s for $1 billion, making Industries Qatar the 100% owner of the world’s largest single-site urea producer. Industries Qatar shares were up 6.9% to 10.1 riyals in early trade, trimming their till date loss to 2.2%. The deal will help Qatar Petroleum with cash to pursue investments.

Qatar has signed a deal worth around $20 billion with South Korean shipbuilders to help cement its position as the world’s largest producer of liquefied natural gas. The Gulf emirate entered into agreements with Daewoo Shipbuilding & Marine Engineering Co., Hyundai Heavy Industries Co. and Samsung Heavy Industries Co. The three Korea-based firms will reserve a “major portion” of their LNG ship-construction capacity for QP through 2027.

Qatar Petroleum has entered into a 'farm-in agreement with Total to acquire a 45% participating interest in blocks CI-705 and CI-706, located in the Ivorian-Tano basin, offshore the Republic of Cote d'Ivoire. The two blocks cover an area of approximately 3,200 square kilometres, and present multi-target hydrocarbon prospects in water depths ranging from 1,000 to 2,000 metres, 35 kilometres from shore and about 100 kilometres from nearby Foxtrot, Espoir and Baobab fields.

Total has inked deals with Qatar Petroleum to transfer part of its assets in Kenya, Guyana and Namibia. Qatar Petroleum will gain 30% and 28.33% in Block 2913B and Block 2912 respectively. Total will also let go of 40% of the company holding its existing 25% stakes in the Orinduik and Kanuku blocks. In Kenya, Total and Eni will farm out a combined 25% interest in different to Qatar Petroleum.

Energy major Qatar Petroleum and Chevron Phillips Chemical have signed an agreement worth $8 billion. Both the companies have joined hands in order to develop a petrochemical plant along the U.S. Gulf Coast. These plants will help in keeping up with the demand of plastics, said Chief Executive and President of Chevron Phillips. This is the second deal in a row between the two companies in the last few weeks.

State-run Qatar Petroleum has inked an agreement with Chevron Phillips Chemical to construct a new petrochemicals complex. The new petrochemical plant, which is expected to come online by 2025, will be developed in Ras Laffan Industrial City. While Chevron Phillips Chemical Co (a JV between Chevron Corp and Phillips 66) will possess a 30% interest in the complex, Qatar Petroleum will own the rest.

Energy giant, Qatar Petroleum has informed that the company has awarded 8 drilling contracts for its North Field gas expansion project. The contract for two rigs has been awarded to Northern Offshore Drilling Operations and the remaining six has have been won by Gulf Drilling International (GDI). According to the company, the drilling will start from January 2020 before which the drilling rigs are expected to be mobilised and ready.

State-owned Qatar Petroleum yesterday informed about inking a 10-year sales agreement with Thailand’s SCG Chemicals. The long-term supply agreement will require QP to deliver 3 million metric tons of Light Naphtha to SCG, beginning April 2019. The agreement marks the first Qatar Petroleum for the Sale of Petroleum Products Company (QPSPP) naphtha feedstock sale to an end-user like SCG in Thailand.

Along with its unit and an affiliate Qatar Petroleum, energy major Exxon Mobil has won three exploration blocks offshore Argentina. The company has informed that the three blocks will add approximately 2.6 million net acres to its Argentina's existing holdings. In June, Qatar Petroleum signed an agreement with Exxon to buy 30% stakes in two of Exxon's affiliates in Argentina.

Qatar Petroleum has planned to expand its production in the North Field reservoir. Working on this strategy, it has asked three groups to bid for engineering procurement and construction packages on LNG mega trains. The first group is a JV between Chiyoda Corporation and Technip France, the second group includes JGC Corporation and Hyundai Engineering and Construction and the third group has Saipem, McDermott Middle East Inc. and CTCI Corporation19.

Qatar Petroleum is planning to reduce its dependency on imports and increase its domestic production. In order to fuel up its local energy industry, the firm has signed a preliminary deal with Schlumberger and Baker Hughes worth $2.47 billion on Monday. The initial agreement will involve investment in production facilities, training and development. Qatar is strategizing to boost its LNG production by 43% by 2023-24.

American international corporation, Air Products has secured a contract for Qatar Petroleum and Exxon Mobil’s Golden Pass LNG project. The Pennsylvania-based firm will provide its proprietary AP-C3MRTM natural gas liquefaction technology and equipment, and three MCR® Main Cryogenic Heat Exchangers. Golden Pass LNG, which is a $10 billion project, is integrating liquefaction and export capabilities to the existing framework near Sabine Pass.

Qatar Petroleum (QP) yesterday entered into an agreement with Italian energy multinational, ENI to acquire stakes in three oilfields, offshore Mexico. Briefing at a news conference in Doha, QP CEO Saad al-Kaabi informed about QP acquiring 35% stakes in in the Mexican oilfields. Production at these fields is projected to commence by mid-2019, which will be then ramped up to 90,000 bpd by 2021.

Qatar Petroleum has inked an agreement to buy ExxonMobil’s10% stakes in three blocks in Mozambique. The ExxonMobil affiliate currently owns 60% interest in the blocks. This is Qatar Petroleum’s first expedition into Mozambique’s offshore basins. ENH and Rosneft’s affiliates are the other stakeholders in the block, with each of them owning 20% interest.

RWE, a German utility has announced that in order to import LNG, the company at present has gained access to considerable capacity of German terminal. RWE’s executive said "LNG remains a key growth area for RWE." Recently, Qatar Petroleum has informed that it is in talks with RWE and Uniper regarding a local LNG terminal. An agreement between RWE and German LNG Terminal highlights the company’s commitment to the fuel.

Qatar Petroleum CEO stated yesterday that Qatar Petroleum is advancing quickly towards its plans to expanding Qatar’s LNG output by 30 percent. He was speaking in a session titled “The Biggest Challenges and Opportunities Facing the Global Gas Industry” at the World Gas Conference in Washington, D.C. Al Kaabi said the contracts for the production expansion project would be granted by the end of 2019.

State-owned Qatar Petroleum has signed an agreement with Exxon Mobil to become a 30% equity holder in ExxonMobil Exploration Argentina SRL and Mobil Argentina SA. The companies hold rights with other partners for seven blocks under unconventional exploration licenses with active drilling plans. This is, notably, Qatar Petroleum’s first investment in Argentina, and first ever international investment in unconventional resources.

Qatar Petroleum has welcomed propositions from global firms to accomplice on building and working on a petrochemical complex, in Ras Laffan Industrial City. The feedstock will be ethane, to be brought in from the new North Field LNG expansion project. CEO Al-Kaabi has affirmed that this project will enable Qatar Petroleum to further expand its footprint in the global petrochemicals market.