The latest diplomatic rift between Qatar and its fellow GCC members has potentially significant impacts on some of the largest businesses in the oil and gas industry. Firms across the globe buy oil and LNG from Qatar, while IOCs such as ExxonMobil and Total are heavily invested in the upstream sector.
Firms may be nervous about the impact of the diplomatic upheaval, but Qatar this week received a vote of confidence from Anglo-Dutch major Shell. Qatar Petroleum's Wave LNG Solutions and Shell Gas & Power Developments signed a framework agreement to “develop liquefied natural gas (LNG) marine fueling – or bunkering – infrastructure at strategic shipping locations across the globe.” The terms of the agreement look vague, but coming at this particular moment it sends a message that Shell remains happy dealing with Qatar. (CONTINUED - 348 WORDS)