Qatar Petroleum (QP), the country's hydrocarbon bellwether, has unveiled its new corporate strategy, aimed at strategic transformation and international expansion.
The new strategy and core values were designed to firmly place this energy icon on the road to realising its vision to become one of the best national oil and gas companies with roots in Qatar and a strong international presence.
The rollout signals a new era of growth for QP, led by the planned expansion of North Field production, which will further boost Qatar’s leading global position by enhancing its liquefied natural gas (LNG) production from 77mn tonnes to 100mn tonnes per annum.
In April last year, QP had announced the lifting of moratorium on North Field, the largest non-associated natural gas field in the world, and disclosed the proposed gas project in the southern sector of the field.
London Stock Exchange-listed Qatar Investment Fund had viewed that the renewed gas development could give Doha a competitive edge after 2020, when the global LNG market is expected to tighten.
The new corporate strategy also comes amidst an increasing international upstream activity, which saw QP's footprint expand to include promising offshore areas spanning Latin America, Africa, the Mediterranean, and the Middle East.
QP had early this month announced its intention to acquire 25% stake in the exploration block 11B/12B, offshore of South Africa. It had also won exploration rights to five blocks off the coast of Mexico.
QP and ExxonMobil had last year sealed an exploration and production sharing deal with Cyprus for an offshore block in the Mediterranean Island.
The new corporate strategy was rolled out during a three-day event held at QP headquarters, in which senior management and executives from QP and its affiliates discussed its various elements and their implementation.
The strategy is designed to strengthen QP’s technical capability and operating model, maximise upstream value to Qatar, create a large-scale value-adding international portfolio, reinforce Qatar’s LNG and global gas position, maximise downstream added value, and promote energy efficiency and optimum energy mix in Qatar.
“The new strategy and values come at a critical time in our expansion, and will ensure that we continue to be a global LNG leader. Therefore, we should all be willing and prepared to embrace and lead change to ensure success,” QP President and Chief Executive Saad Sherida al-Kaabi said.
He said QP is developing a global business and also enhancing its competitive position as a global energy player, leaving a positive mark across the world.
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