QP CEO highlights significance of the National Day slogan this year

Managing Director and Chief Executive Officer of Qatar Petroleum and Chairman of the Qatargas Board of Directors Eng Saad bin Sherida al-Kaabi highlighted the slogan of Qatar’s National Day this year, which translates into “Promise of Prosperity and Glory”, saying that these words of His Highness the Emir Sheikh Tamim bin Hamad al-Thani enlighten the nation’s path to a brighter and stronger future.

Speaking to Qatar News Agency (QNA) on the occasion of Qatar’s National Day, al-Kaabi underlined that the wise leadership of the country has been always keen on giving its people the strength, confidence and the hope for a more prosperous future, noting that Qatar has become a model and an example of development and social and economic well-being. On Qatar’s management to the unjust siege, al-Kaabi said that the whole world has witnessed Qatar’s wisdom in dealing with the crisis and overcoming its repercussions.

QP
QP

He hailed the wise directives of His Highness the Emir Sheikh Tamim bin Hamad al-Thani which had the greatest impact in overcoming the trauma caused by the decisions of the siege countries, and in ensuring the continuation of normal life under all circumstances and away from all schemes.

In the light of these directives, the government and state institutions have ensured the flow of food and other essentials, especially medicine, which has thwarted the evil plans of the blockading nations, he added.

Al-Kaabi also praised the calm, diplomatic and political message adopted by the country which showed to the world the strength of the Qatari position in the face of the unrealistic and irrational demands of the siege nations.

Meanwhile, he highlighted the unity and loyalty of the Qatari people and their support for the leadership. Al-Kaabi noted that QP was part of the integrated national effort in the face of the crisis to thwart the evil scheme aiming to harm the security and stability of the country by striking its economy. “With the outstanding efforts of all components of the energy sector in the country, especially the employees and management of Qatar Petroleum and its group companies, and international partners, we have been able to continue our business as usual and in all oil and gas facilities,” al-Kaabi affirmed. Al-Kaabi stressed that efforts of QP and its subsidiaries have succeeded in mobilising all available resources, ensuring continuity of work in all sectors and locations, and continuing reliable and safe supply of energy to all its customers in various global energy markets.

Qatar Petroleum has accomplished several achievements this year, including the inauguration of the North Oil Company (NOC), a joint-venture between Qatar Petroleum owning 70%, and the French oil giant Total for the remaining 30%. The North Oil Company has successfully completed all transition activities to take over the operation of the giant Al-Shaheen Oil Field. QP also established Ocean LNG Limited for marketing its future international LNG supply portfolio sourced outside of Qatar. The company is a joint venture owned by a QP affiliate (70%) and an ExxonMobil affiliate (30%). It was driven by its aspirations to continue to be a global LNG leader, and to invest in LNG projects outside Qatar. In terms of international operations, Qatar Petroleum, in partnership with ExxonMobil, signed a sharing contract with the Cypriot government to explore and participate in the production of the country’s offshore Block 10.

Qatar Petroleum also entered into agreements with Chevron, whereby Qatar Petroleum acquired 30% participating interest from Chevrons 75% share in three deep-water offshore leases in Morocco. In April, the US Department of Energy authorised Golden Pass Products LLC (Golden Pass) to export domestically produced liquefied natural gas (LNG) to countries that do not have a free trade agreement (FTA) with the United States. The project includes the establishment of LNG production lines with a total production capacity of about 15mn tonnes per year.

On the other hand, Qatar Petroleum made a strategic decision to merge Qatargas and RasGas into a single entity, aiming to create a world-class operator in terms of size, service and reliability, and creating great opportunities for cost savings. The company also announced an integration of Qatar Vinyl (QVC) into Qatar Petrochemical (QAPCO), aiming to enhance the competitiveness, financial performance, and resilience of both companies. Despite the unjust siege, QP has worked to maximise business opportunities and self-reliance and turn challenges into opportunities. Just few days after the siege was imposed, Qatar Petroleum, Shell Gas and Power Developments signed an agreement to develop liquefied natural gas marine fuelling infrastructure at strategic shipping locations across the globe. After that, QP launched vessel-borne fuelling facility for all vessels lifting any Qatari seaborne imports or exports.

Within on month of the siege, Qatar announced plans to raise LNG production from 77mn to 100mn tonnes per year, an increase by 30%, by doubling the size of the new gas project in the southern sector of the North Field, which Qatar Petroleum had announced last April. This will double the size of the project to 4bn cubic feet of gas per day, which constitutes a 20% increase from the current North Field production rate, or about 1mn barrels of oil equivalent per day.

In October, a consortium comprising Qatar Petroleum, Shell, and China National Offshore Oil Corporation (CNOOC) announced the winning bidder for the Alto de Cabo Frio-Oeste block in the prolific Santos hydrocarbon basin offshore Brazil, which contains some of the most promising hydrocarbon prone areas in the world.  In November, it has entered into an agreement to acquire a 30% participating interest in the contractors interest under the exploration and production sharing agreement (EPSA) for Block 52 offshore in the Sultanate of Oman, in partnership with the Italian energy company Eni.

Since its inception, Qatar Petroleum has led the continuous growth of the country’s oil and gas industry and has expanded its operations to many countries around the world. It has been the cornerstone of efforts to support the country’s sustainable economic and social development by promoting the growth and development of the national oil and gas industry.

Sources and photo-credits: Gulf Times