In July 2015 Qatar Petroleum (QP) invited a number of international oil companies to participate in a competitive tender process regarding the future development of the Al Shaheen oil field in Qatar. Presently Maersk Oil is the operator of the field and the current 25 year production sharing agreement expires in July 2017.
Earlier this year Maersk Oil submitted its bid in the tender. QP has today communicated that they have selected another oil company as partner for the future development of the Al Shaheen field.
“Maersk Oil presented a highly competitive technical and commercial proposition based on more than 20 years of technical knowledge and experience working with the Al Shaheen field,” says CEO in Maersk Oil, Jakob Thomasen.
During the past 24 years Maersk Oil and QP have together developed the Al Shaheen Oil field into Qatar’s largest off-shore producing oil field. Under the terms offered by Qatar Petroleum, a minority shareholding for Maersk Oil in the new joint venture would have created a marginal impact on the Maersk Group earnings in the years ahead.
Maersk Oil will continue to operate Al Shaheen until the end of the current license in July 2017. Leading up to the expiry of the existing production-sharing agreement Maersk Oil will work together with QP to support a safe and efficient transition of the existing operations to the new operatorship.
“Maersk Oil is growing as a result of improved operating performance and with major projects like Culzean in the UK and Johan Sverdrup in Norway, we continue adding new production through to the end of the decade. We will continue to deliver in the years ahead based on a strong operational performance and cost focus and ensure that our major projects are executed on time and on budget,” says Jakob Thomasen.
Maersk Oil will be redeploying a number of its employees which today are based in Qatar elsewhere in its global organisation. The majority of remaining employees in Qatar are expected to be offered employment by the new operator.
A.P. Møller - Mærsk A/S’ financial outlook for 2016 remains unaffected and no need for write-downs will occur. The Group’s reserves and resources (by end of 2015 2P + 2C of 1,141 million boe) will not be impacted by the expiration of the agreement.