Qatar Petroleum Company Profile
Headquarters: Doha, Qatar
Fiscal Year-End: Dec
Sales Income Growth: -29.93%
Sales Growth: -12.93%
Qatar Petroleum (QP) is the government-owned oil and gas company in the small middle-east country, The company chairman is Mohammed Bin Saleh Al- Sada.
Mr. Saad Sheridan Al Kaabi is the president and CEO. QP’s operations are therefore directly tied to state planning agencies, policymaking bodies and regulatory authorities.
Together, revenues from oil and natural gas amount to 60 percent of the country’s GDP. QP has upstream(drilling ,exploration, production)and downstream(refining) operations for crude oil, natural gas, liquefied natural gas (LNG) and other petroleum products.
The company which currently sits as the 3rd largest oil company in the world measured by its oil and gas reserve. Its Dukhan oil field produces up to 335,000 barrels per day.
QP has onshore gas reserves of some 8 trillion cu. Ft and onshore crude oil reserves of 1,842 million barrels. Its two offshore production stations produced about 90 million barrels of oil in 2008.
With its collaborations with companies like OCCIDENTAL, EXXONMOBIL, and TOTAL Qatar Petroleum supplies oil and gas across Asia, North America and Europe.
The principal activities of QP, its subsidiaries and joint ventures are the production, exploration, local and international sale of crude oil, refined products, natural gas and gas liquids, fuel additives synthetic fuels, petrochemicals, fertilizers, liquefied natural gas (LNG), steel and aluminum.
QP’s strategy of conducting hydrocarbon exploration and development is through Development and Production Sharing Agreements (DPSA) and Exploration Production Sharing Agreements (EPSA) and concluded with major international oil and gas companies.
Qatar Petroleum History
In the wake of world war I and the fall of the ottoman Empire, Qatar fell with the British Sphere of influence and as a result of this, the first onshore oil concession was allocated to British Petroleum forerunner, the Anglo-Iranian oil Co. (AIOC) in the year 1935.
Therefore, in honor of its pact under the Red Line Agreement, AIOC ceded the concession to Petroleum Development Qatar Ltd.(PQD),to take over the concession.
In October 1938, the first well, Dukhan No. 1 was drilled and produced 4,000 barrels per day by January 1940. Although world war II halted development until 1947 and the first crude export eventually occurred in 1949.
The first offshore concessions were granted in 1949 to a Canadian Company, the International Marine Oil Company (IMOC), which was a subsidiary of a US company, the London-registered Central Mining & Investment Co. and the Superior Oil Co. In 1952, after IMOC had withdrawn, the Shell Co.-Qatar (SCQ) acquired exploration rights to most offshore territory.
The Idd Al- Shargi and Maydan fields were discovered in 1960. In another landmark achievement, the Bul Hanine which was the largest offshore field was discovered in 1970 and later came onstream in 1972.
Qatar Petroleum was founded in 1974. In December 1974, the government officially announced its intent to acquire SCQ’s and QPC’s remaining shares.
A government decree passed in 1975 declared government ownership of the remaining shares. Negotiations throughout the following years resulted in the government assuming full ownership of QPC’s onshore concessions in September 1976 and the SCQ’s offshore activities in February 1977, thus fully nationalizing the oil sector.
QP are one of the companies to watch in the future, they are working some huge long term projects which will really boost the company into the very top bracket of oil and gas companies, perhaps even the biggest, check out their bul hanine redevelopment project as it is going to be one of the biggest in the next few years.