Qatar Petroleum to diversify in oil and petrochemicals
Since the moratorium decided by Qatar in 2005 to freeze all new offshore projects out of its giant North Dome project, Qatar Petroleum concentrated to complete on going projects and to stabilize the reservoir from the consequences of the multiplication of the production wells.
This moratorium was supposed to be lifted in 2014, but the development of the shale gas in USA, may put a question mark on this date so that no further gas field development may be considered in the near future.
What used to be seen as a strength may turn as a weakness at any time of the globalization of the gas market leading Qatar to diversify its revenues out of the natural gas and the export of liquefied natural gas (LNG) by its monetization in the petrochemical hydrocarbon products.
In that perspective Qatar creates in January 2013 a brand new company called Muntajat to support its investments in the petrochemical sector.
Currently Qatar has planned more than $13 billion capital expenditure in large petrochemical complexes.
In parallel, Qatar is also moving ahead to revive its crude oil production from maturing fields in introducing the enhanced oil recovery (EOR) techniques.
In that respect, Qatar Petroleum is working on investing more than $30 billion capital expenditure in different projects including the expansion of the Bul Hanine and Idd el-Shargi crude oil fields.
Oxy and QP to call for tender ISND expansion contracts
The US international oil company (IOC) Occidental Petroleum Corporation (Oxy) and the national oil company (NOC) Qatar Petroleum (QP) have approved the Field Development Plan (FDP) for the Idd el-Shargi North Dome expansion (ISND Phase-5) offshore the Qatar peninsula.
Bechtel wins Ras Laffan Petrochemicals PMC contract
The national oil company (NOC) Qatar Petroleum (QP) and the joint venture Qatar Petrochemical Company (QAPCO) selected the US-based engineering company Bechtel to provide project management consultancy (PMC) for the Ras Laffan Petrochemicals Project in Qatar.
Technip completed FEED for Ras Laffan Refinery
Since Technip completed the front end engineering and design (FEED) contract the Ras Laffan Refinery Expansion project is moving into its final bidding phase for the engineering, procurement and construction (EPC) contract with only four companies still in the competition such as selected by Qatar Petroleum(QP) and its partners, ExxonMobil, Total, Cosmo Oil Company (Cosmo), Idemitsu Kosan Company (Idemitsu), Mitsui & Company (Mitsui) and Marubeni Corporation (Marubeni).
Qatar to double petrochemicals production until 2020
On December 23rd 2012, Qatar established a new company, the Qatar Chemical and Petrochemical Marketing and Distribution Company (MUNTAJAT) Q.J.S.C., to lead the strategic development of the country on the downstream sector.