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Qatar, through a short list of international companies, plans to continue developing its giant project in the north of the country, said a senior official.
Qatar has prepared a short list of international oil companies vying to participate in North Field's giant expansion project, but could choose to pursue alone unless large companies offer them significant value, said its director. General at Reuters.
The expansion of Qatar's already-largest LNG facilities is one of the most profitable projects in the small, energy-rich country, with major oil and gas companies rushing to take a stake.
Saad al-Kaabi, who is also Minister of Energy, said calls for tenders had been sent last month and that the results should be announced in the first quarter of 2020 if Qatar decides to go forward with its partners.
"We like the partnership model because of its many benefits. But since we do not need partners, it's actually a set of standards that we adopt to show us the added value we're getting for Qatar if you participate. "
"They might have been able to offer us something abroad," he said, referring to LNG assets located outside the company's internal market.
Qatar Petroleum wants to increase its LNG production by about 77 million tons per year over the next five years, by building four new production units.
Kaabi told Reuters at his Doha office that, given the award of the remaining contracts to complete the project by the end of 2019, the company is now preparing a short list of companies competing for a stake in the project. .
Kaabi did not specify what part of the project would be proposed and declined to comment on the shortlisted companies.
Qatar plans to ship 33 million tons of LNG from new facilities in 2024 and will have to find buyers for an additional 35 million tons at the expiry of the current five-year contract.
Kaabi refused to specify the criteria that could help win partners.
Maximize performance
Al-Kaabi said Qatar Petroleum's decision to self-finance the project, to call for tenders for its construction and to drill wells for appraisal before giving partners the opportunity To buy was part of a strategy to maximize returns through what large companies can now offer in Qatar.
He added that a recently rated well was producing twice the expected size, a good sign of what will happen.
"It means we have a huge project with huge reserves and a very productive northern field."
But Qatar is now facing major challenges, as global demand for liquefied natural gas (LNG) weakens in part because of a trade war between the United States and China at one time where supplies from rivals such as Australia, the United States and Russia are increasing.
Rising tensions between the West and Iran in the Gulf could also affect the country's ability to export gas abroad, while an economic boycott imposed by its neighbors could affect regional sales.
Kaabi said Qatar Petroleum would seek long-term agreements for the supply of liquefied natural gas (LNG) to Europe, among other things, after last month's signing of an unloading service contract at the Zeebrugg LNG terminal in Belgium, which has reached full capacity until the end of the year 2044.
"We will do more in Europe and you will see that," he said.
Qatar Petroleum also plans to enter into an agreement for at least one concession in the upstream US sector, generally exploration rights or a developing deposit, before the end of this year in order to take advantage of its project regarding the Golden Pass terminal to export liquefied natural gas to Texas. His investment is $ 10 billion.
The port, a joint venture with ExxonMobil, is expected to be operational in 2024.
Despite acquiring a series of assets over the past year, Kaabi said Qatar Petroleum is still hungry for new exploration concessions around the world.
"Wherever you find the most attractive tank in the world, you'll find us there."
Source: agencies
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