Qatar Petroleum Raises $12B+ in Bond Offering

Qatar Petroleum Raises $12B+ in Bond Offering
Qatar Petroleum has announced that it has raised $12.5 billion in a multi-tranche bond offering.

Qatar Petroleum has announced that it has raised $12.5 billion in a multi-tranche bond offering.

The move marks a significant achievement for an oil and gas company in the international financial and capital markets, Qatar Petroleum noted. The company highlighted that this was the largest U.S. dollar fixed rate oil and gas offering, the largest corporate issuance in the MENA region, and the largest corporate Formosa tranche raised globally.

Qatar Petroleum revealed that the proceeds from the bond offering will be used to support its “ambitious” growth plans, particularly the North Field expansion projects “over the coming few years”.

“The outcome of this offering is a strong testament to Qatar Petroleum’s disciplined approach as an investor and formidable standing not only as the world’s largest LNG producer, but also within the capital and financial markets,” Saad Sherida Al-Kaabi, the Qatar minister of state for energy affairs and president and chief executive officer of Qatar Petroleum, said in a company statement.

“The North Field expansion projects will solidify Qatar Petroleum’s leading role in the LNG industry as well as in the energy transition. We take special pride in the fact that investors recognized this role, the importance of our LNG projects and the bright future of our LNG industry, and that they have expressed overwhelming interest in this unique offering,” he added.

“I would like to thank all the banks and financial and investment institutions that participated in this successful program. I would also like to thank Qatar Petroleum’s team for the excellent preparation and execution of this program,” Al-Kaabi went on to say.

Qatar Petroleum held a virtual roadshow for its transaction on June 28 and met with over 130 international investors over a two day period. The company worked with several global financial institutions on the transaction, including Citi, J.P. Morgan, BofA Securities, Deutsche Bank, Goldman Sachs International, HSBC, MUFG, QNB Capital, and Credit Suisse.

The North Gas Field has total recoverable gas of more than 900 trillion standard cubic feet, according to Qatar Petroleum’s website. The field, which was discovered in 1971, is considered to be the largest single non-associated gas reservoir in the world, Qatar Petroleum’s website shows.

Qatar Petroleum describes itself as an integrated national oil corporation which is responsible for the sustainable development of the oil and gas industry in the State of Qatar and beyond.

To contact the author, email andreas.exarheas@rigzone.com



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