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FINANCIAL NEWS
Maersk oil, QP reach 1b barrel production landmark
19 Jul 2010
(MENAFN) Maersk Oil and Qatar Petroleum (QP) have reached the production landmark of one billion barrels from Al Shaheen field in Qatar, The Peninisula reported.
Maersk Oil CEO, Jakob Thomason, said that When other oil companies shunned the field as uneconomical, Maersk Oil saw opportunities to unlock the tight reservoir.
Since taking over and developing the field in 1992 to first oil in 1994, the production curve has increased steadily to the current level of 300,000 barrels per day (bpd) whilst reducing gas flaring to a minimum.
The latest $6bn field development of Al Shaheen includes the installation of 15 new platforms, 163 new production and water injection wells and 140,000 tonnes of new facilities. During the comprehensive installation work, Maersk Oil managed a production uptime of over 99 percent without compromising safety whilst reducing gas flaring to a minimum..
Maersk Oil in Qatar currently employs 130 Qatari nationals as part of its international team of technical experts and managers. Maersk Oil is also an active partner and contributor to Qatar Science and Technology Park, where it will engage in research on improved and enhanced oil recovery as well as studies related to the environmental impact of offshore operations.
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