Maersk Oil joins the race over Qatar’s Largest Offshore Oil Field

Maersk Oil joins the race over Qatar’s Largest Offshore oil field

Danish oil company Maersk Oil is reportedly facing fierce competition over the operatorship of Qatar’s largest offshore oil field – Al Shaheen.

According to Reuters, which cited anonymous sources, oil majors such as, Shell, BP, Total, Chevron, and ConocoPhillips have all submitted bids to take over the field.

The Danish company, which reportedly also submitted a bid, has been operating the field since 1992 under a 25-year concession.

However, Qatar Petroleum (QP), Qatar’s state-run oil and gas company, has launched invitations to international oil & gas companies to compete for the future operation and development of Al-Shaheen, starting in mid-2017.

Reuters has cited a Qatari source, which said that Qatar wants to boost production from the field to 500.00 barrels of oil per day.

Al-Shaheen oil field, located 80 km off Qatar’s shores, is one of the largest oil fields in the world and the largest oil producing field in Qatar. The field currently produces around 300,000 barrels of oil per day.

Offshore Energy Today Reports

Related News: Chevron, Shell and Others Bid For Qatar Oil field

Chevron, Royal Dutch Shell, Total, ConocoPhillips and Maersk Oil Qatar submitted bids to operate Qatar’s biggest offshore oil field, according to two people with knowledge of the matter.

Qatar Petroleum received proposals from the five oil companies to enter a production sharing agreement to operate Al-Shaheen field, which currently produces 300,000 bpd, said the people, who asked not to be identified because the matter is private. State-run Qatar Petroleum will choose an operator this year, they said.

Officials at Chevron, Total, Conoco and Qatar Petroleum didn’t immediately respond to requests for comment. Shell declined to comment, while Maersk referred a request to Qatar Petroleum.

Al-Shaheen accounts for about half of Qatar’s daily crude output and the same share of Maersk’s production. Qatar pumped 670,000 bopd in April, data compiled by Bloomberg show. The country, the third-smallest oil producer in the Organization of Petroleum Exporting Countries, is the world’s biggest exporter of LNG. Sales of oil and LNG have made the state of 2.5 million people the world’s richest per capita by purchasing power parity, according to the World Bank.

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