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Qatar Petroleum has ramped up its overseas activity since late 2017, securing a swathe of assets. The latest move was announced on 16 December, with a 35% farm-in to Eni’s 2.1bn barrel “Area 1” offshore Mexico which contains three fields.
The move was especially notable as the partners (Eni 65%, QP 35%) say that initial output from Area 1 is slated for mid-2019, before reaching full output of around 90,000 b/d in 2021. First oil will be from the Mizton field, before the Amoca and Tecoalli fields are subsequently brought online.
QP CEO Saad al-Kaabi says that he has big plans for overseas expansion that will make the firm unrecognisable over the next 10 years ( MEES, 8 December 2017 ). Its first overseas forays began with the formation of Qatar Petroleum International (QPI) in 2005 ( MEES, 6 February 2006 ). But overseas expansion under QPI long-time CEO Nasir al-Jaidah was modest: after Mr Kaabi’s appointment in 2014, QPI was swiftly brought fully in-house and under his control ( MEES, 30 January 2015 ). (CONTINUED - 998 WORDS)