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Qatar Petroleum Leads a New Wave of NOC Investment in International Exploration

Source: www.gulfoilandgas.com 8/27/2019, Location: Middle East

In the 2000ís national oil companies (NOCs) investing abroad were viewed as new competition to the international oil companies (IOCs). NOCs began acquiring international assets, whether to bolster security of supply for their growing economies, for energy diplomacy or simply to generate new profit streams abroad capitalizing on their domestic capabilities.

Westwood research shows that NOCs have participated in 270 high impact exploration wells outside of their home country since 2008. This is around 23% of the global high impact well total[1]. The 9 most active NOCs have spent a combined US$7bn and discovered a net commercial volume of ~6bnboe.

Though NOCs have retrenched exploration investment alongside the IOCs since the oil price crash of 2014, Qatar Petroleum (QP) has bucked the trend, building an international portfolio from scratch. It has participated in three high impact commercial discoveries already in 2019, two of which were high risk frontier discoveries opening new plays.

Oil & Gas Companies News in Qatar >>

Kuwait >>  10/10/2019 - Fluor Corporation (FLR) announced that its joint venture COOEC-Fluor Heavy Industries, Co., Ltd. (COOEC-Fluor) fabrication yard in Zhuhai, China, has ...
Qatar >>  10/10/2019 - International specialist equipment and integrated engineering services company, Sparrows Group, has been awarded its first contract with Qatar Petrole...

Iraq >>  10/8/2019 - Weatherford International has been awarded two fully integrated rig contracts and one well services (through-tubing intervention) contract with a mult...
Qatar >>  10/7/2019 - Qatar Petroleum assumed the management and operatorship of the Idd El-Shargi North Dome (ISND) and Idd El-Shargi South Dome (ISSD) offshore oil fields...

United Arab Emirates >>  9/24/2019 - Weatherford International plc (WFTIQ) has signed a $220 million, three-year contract with the Abu Dhabi Company for Offshore Petroleum Operations Limi...
Saudi Arabia >>  9/19/2019 - Weatherford International, one of the largest multinational oilfield service companies, has announced the signing of a five-year Corporate Procurement...

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