News

Qatar awards $6 bn in contracts for oilfield expansion

By AFP

January 31, 2024 07:04 PM


 

Qatar has awarded engineering contracts worth $6 billion dollars for the expansion of its offshore Al-Shaheen oilfield, state-owned QatarEnergy said on Wednesday.

The four engineering, installation and procurement contracts will increase production at the field -- the country's largest -- by 100,000 barrels per day, according to the firm.

"By awarding these contracts, we are taking an important step towards realising the full potential of Al-Shaheen field, which produces around half of Qatar's crude oil today,", said Energy Minister Saad Al-Kaabi, who is also QatarEnergy CEO.

Al-Shaheen, some 80 kilometres (50 miles) off Qatar's northeastern coast, currently produces 300,000 barrels per day and is operated through the North Oil Company, a joint venture between QatarEnergy and France's TotalEnergies which holds a 30 percent stake.

"I would like to thank North Oil Company and our longtime strategic partner TotalEnergies for their great efforts towards unlocking the true potential of Qatar’s hydrocarbon resources," Kaabi said in a statement.

The engineering contracts were awarded to South Korea's Hyundai, the China Offshore Oil Engineering Co, Indian multinational Larsen & Toubro and a consortium of US contractor McDermott and Qingdao McDermott Wuchuan Offshore Engineering.

QatarEnergy said the third phase of expansion at Al-Shaheen, which began production in 1994, will be implemented over five years with the first oil expected in 2027. It will develop more than 550 million barrels of oil, the firm said.

The project includes the drilling of more than 200 wells and installation of nine remote wellhead platforms and pipelines.


AFP


Most Read

  1. 16 die, 30 wounded as truck carrying 100 pilgrims fall into ditch near Hub 16 die, 30 wounded as truck carrying 100 pilgrims fall into ditch near Hub
  2. Ayeza Khan has ideal stylist squad! Ayeza Khan has ideal stylist squad!
  3. French athlete breaks world record after climbing Eiffel Tower French athlete breaks world record after climbing Eiffel Tower
  4. Punjab students asked to get registered for getting petrol, e-bikes Punjab students asked to get registered for getting petrol, e-bikes
  5. Muslim ummah observes Eid-ul-Fitr with religious enthusiasm Muslim ummah observes Eid-ul-Fitr with religious enthusiasm
  6. UK hikes family visa requirements in bid to cut migration UK hikes family visa requirements in bid to cut migration

Opinion

  1. Insights into the Pakistan Stock Exchange's Recent Record High Triumph
    Insights into the Pakistan Stock Exchange's Recent Record High Triumph

    By Zulfiqar Ali Mir

  2. IMEC to sabotage CPEC
    IMEC to sabotage CPEC

    By Dr Asif Channer

  3. 1947 TO FORM 47
    1947 TO FORM 47

    By Dr Asif Channer

  4. Beijing wants to further highlight industrial sector in its country and take scientific innovation to new heights....
    Beijing wants to further highlight industrial sector in its country and take scientific innovation to new heights....

    By Ali Ramay

  5. Global race: China will reduce its unnecessary expenses
    Global race: China will reduce its unnecessary expenses

    By Ali Ramay

  6. Channer Pir: The Great Saint of Cholistan
    Channer Pir: The Great Saint of Cholistan

    By Dr Asif Channer