Qatar Petroleum has established ‘Ocean LNG’ to market its future liquefied natural gas (LNG) portfolio sourced outside of Qatar as part of QP’s decision to strengthen its international presence.
The decision to establish Ocean LNG, a joint venture company owned by a QP affiliate (70%) and an ExxonMobil affiliate (30%), was driven by its aspirations to continue to be a global LNG player and invest in LNG projects outside Qatar. However, QP did not disclose further details.
A branch office of Ocean LNG will be established at the Qatar Financial Centre (QFC) in Doha to manage and undertake the activities of Ocean LNG, reinforcing Doha’s position as the world’s LNG capital.
“QP aspires to be one of the leading energy companies in the world, and LNG forms one of the cornerstones of these aspirations. As such, it is crucial for us to establish a global LNG marketing arm that will be instrumental in monetising opportunities that Qatar Petroleum will be pursuing and capturing outside Qatar,” QP president and chief executive Saad Sherida al-Kaabi said.
QP’s position as a global LNG leader will continue to face challenges, but its perseverance and proven track record of success are a true testament to the ability to adapt to an ever changing industry landscape while maintaining the leadership position and core values and commitment towards customers, he said.
“We will pursue market development opportunities in emerging and new markets and will establish LNG’s full potential, leveraging on our strengths and expertise and our understanding of the LNG market,” al-Kaabi said.
A recent report by Arab Petroleum Investment Corporation had said Qatar is taking an “aggressive” stance in Europe to mitigate the risks of losing its reign as the world’s largest LNG exporter by 2017 as liquefaction capacity in Australia reaches 120bcma (billion cubic meters per annum), and new supplies from the US begin to kick in.
In June, QP, in a joint venture partnership with Total, had established another entity ‘North Oil Company’, which will jointly develop and operate Al Shaheen offshore oil field with a production capacity of 300,000 bpd.
QP, an integrated national oil corporation responsible for the sustainable development of the oil and gas industry in Qatar, encompass the entire spectrum of the hydrocarbons value chain locally, regionally, and internationally, and include exploration, production, processing, marketing and sales of oil and gas, LNG, natural gas liquids, gas-to-liquids products, refined products, petrochemicals, fertilisers, steel and aluminium.