North Field Leads Qatar's New Strategy

Qatar Petroleum has rolled out a new corporate strategy which according to the company “signals a new era of growth for Qatar Petroleum, led by the planned expansion of North Field production.”

The production expansion of North Field is expected to boost Qatar’s LNG production, which has been frozen at 77mn mt/yr for years, to 100mn mt/yr. The decision to increase production from the North Field was announced In July 2017. It is a uniquely cheap source of feedstock gas, giving Qatar an advantage over other exporters, so the announcement that it would lift the moratorium on the field was seen as fair warning to other projects.

Qatar Petroleum said that the new strategy fitted with its growing international upstream activity, which has seen the company’s footprint expand to include Latin America, Africa, the Mediterranean, and the Middle East.

The new corporate strategy was rolled out during a 3-day event held at its headquarters, in which senior management and executives from Qatar Petroleum and its affiliates discussed its various elements and their implementation.

“The strategy is designed to strengthen QP’s technical capability and operating model, maximise upstream value to the State of Qatar, create a large-scale value-adding international portfolio, re-inforce Qatar’s LNG and global gas position, maximise downstream added value, and promote energy efficiency & optimum energy mix in Qatar,” the company said. 

Speaking at the event, CEO Saad Sherida Al-Kaabi said: “The new strategy and values come at a critical time in our expansion, and will ensure that we continue to be a global LNG leader. Therefore, we should all be willing and prepared to embrace and lead change to ensure success.”  

Last month, Qatar Petroleum formally merged Qatargas with RasGas, as announced in December 2016.