Qatar Petroleum & Maersk Oil Ink Deal for Offshore Block

Qatar Petroleum and Maersk Oil Qatar AS have signed an Exploration/ Appraisal and Production Sharing Agreement for Block 5 Extension Area offshore Qatar.

This agreement reflects Qatar Petroleum's policy to comply with the guidance of H.H. The Emir, Sheikh Hamad Bin Khalifa Al-Thani, to increase the country's hydrocarbon reserves base, oil production potential and diversify Qatar national income and firm up Qatar economy.

The agreement was signed by H.E. Abdullah Bin Hamad Al-Attiyah, 2nd Deputy Prime Minister, Minister of Energy and Industry, on behalf of Qatar Petroleum, and Mr. Kjeld Fjeldgaard, President & CEO of Maersk Olie og Gas AS, at a ceremony held at Qatar Petroleum headquarters in Doha. The signing ceremony was attended by senior officials of QP and Maersk Oil, and media representatives.

The 139 square kilometers offshore acreage designated as Block-5 Extension Area, is located northwest of the Al-Shaheen Field. As part of the agreement Maersk Oil Qatar will undertake an extensive work program, which includes conducting detailed geological, geophysical studies and drilling number of wells. Pending the results, fast track development will be carried out. All relevant operations and studies will be implemented with QP supervision.

Maersk Oil Qatar AS operates the Al Shaheen Field, Block 5, offshore, Qatar under an Exploration and Production Sharing Agreement with Qatar Petroleum. Maersk Oil Qatar AS and QP continue to appraise the development potential of the Al-Shaheen Field.

The success of Al-Shaheen field appraisal and production and the signing of this Block 5 Extension Area agreement are the results of high level cooperation between Qatar Petroleum and Maersk Oil Qatar.

This agreement is one of a series of EPSA's Qatar Petroleum signed with several international oil companies to explore and produce Qatar oil and gas resources.

These agreements have resulted in the discovery, appraisal, development and production of several fields such as Al-Khalij Field by TOTAL E&P Qatar, Al-Shaheen Field by Maersk Oil Qatar AS, Idd Al-Shargi North Dome (ISND) and Idd Al-Shargi South Dome (ISSD) Fields by Occidental Petroleum of Qatar and Al-Rayyan Field by Anadarko Qatar Energy Co.

QP is also allocating huge investments to prolong and expand production from Dukhan onshore oil field, Maydan Mahzam and Bul Hanine offshore oil fields.

All these plans and achievements will have a direct positive impact on boosting Qatar economy and prosperity.