Five years ago, QatarEnergy embarked on an aggressive overseas buying spree snapping up stakes in dozens of exploration assets across the globe as it relaunched its international strategy. Leveraging its ability to offer stakes in Qatar’s own multi-$bn LNG expansion to strengthen ties with global majors, the NOC has since partnered with the likes of Shell, Eni, TotalEnergies and ExxonMobil at more than 60 prospects.
The firm was able to expand its international footprint so rapidly in large part by farming into exploration licenses and partnering in bid rounds, rather than entering more mature producing assets. This comes with an inherent level of risk, with the majority of exploration wells ultimately coming up short. But by picking up a large, diversified slate of assets across the globe in partnership with highly proficient firms, QatarEnergy has maximized its chances of picking winners. (CONTINUED - 1950 WORDS)