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Qatar Petroleum and Dolphin Energy Sign Final Development Plan for Dolphin Gas Project

Source: 12/11/2003, Location: Middle East

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Doha, Qatar/Abu Dhabi, UAE December 11, 2003 – Qatar Petroleum and Dolphin Energy Limited announced today the signing of the Final Field Development Plan for the forthcoming Dolphin Gas Project, according to the Development and Production Sharing Agreement (DPSA) dated December 23rd 2001.

The Plan, signed at Qatar Petroleum's Headquarters in Doha, was signed by His Excellency Abdullah Bin Hamad Al Attiyah Qatar's Second Deputy Premier and Minister of Energy and Industry, and by Mr. Ahmed Ali Al Sayegh, Dolphin Energy's Chief Executive Officer.

The signing of the Development Plan represents the final investment decision for the project and sets out the details for the various development stages – drilling program, offshore and onshore construction, compression station and export facilities.

Once the Development Plan is fully implemented in 2006, Dolphin Energy will produce natural gas from Qatar's offshore North Gas Field and process it onshore at Ras Laffan Industrial City to extract Condensate and NGL products. The resulting export gas will subsequently be transported by the Dolphin pipeline to the UAE.

The project will attain full capacity within two years of production commencement with export gas rate of 2 billion square feet per day (bscfd), condensate production of around 100,000 barrels per day (bpd) and natural gas liquids (NGL) products of around 8,000 tons per day (tpd).

At the signing ceremony, H.E. Al Attiyah said: "The signature of this Development Plan further strengthens Qatar Petroleum's relationship with Dolphin Energy, following the signing of the original Development & Production Sharing Agreement (DPSA) December 2001.

"This cross border initiative is beneficial to the people of both countries, and is a fine example of energy and industrial cooperation between brotherly GCC countries. The plan also cements the financial commitment of Dolphin Energy to the project," H.E. added.

For Dolphin Energy, Mr. Al Sayegh stated: "The Development Plan confirms the approval of both Qatar Petroleum and Dolphin Energy on key financial and technical parameters under which our company will produce gas in Qatar.

"We are grateful for the continuing support of the Qatari Government, and of Qatar Petroleum, in helping us drive this unique initiative to completion," Mr. Al Sayegh added.

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