Qatar Petroleum Eyes Big Results Overseas In 2019

QP is looking to transform itself into a top-tier international oil firm through major overseas expansion. 2019 is set to be a key year. First oil from new Mexican assets is expected along with drilling offshore Cyprus, South Africa, Brazil and Mozambique.

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)