QP seals EPSA deal with Wintershall
Posted:24 November 2008
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Qatar Petroleum (QP) has signed an oil and gas Exploration and Production Sharing Agreement (EPSA) with German firm Wintershall Holding AG for Qatar Offshore Block-4N (Khuff).
The Block-4North (Khuff) Area is located north of Qatar within Qatar territorial waters. The block covers 544 sq km offshore acreage. It is situated northwest of Qatar's giant North Field and Al-Shaheen Oil Field. The total term of this agreement is for twenty five (25) years and starts with a thirty (30) months Exploration Period.
During the Exploration Period, Wintershall Holding AG will implement a work programme comprising of technical studies, 2D & 3D seismic acquisition, processing, re-processing and interpretation and drilling of exploration wells to Khuff Formation.
Pending the results, hydrocarbon development will be carried out. The company said all relevant operations and studies will be conducted with QP supervision and support.
“This new agreement is part of QP's plans to implement the wise policy and guidance of H.H. The Emir, Sheikh Hamad Bin Khalifa Al-Thani to increase the country’s hydrocarbon reserves base, oil and gas production potential and firm up Qatar's economy," said Abdullah Bin Hamad Al-Attiyah, Deputy Premier and Minister of Energy and Industry.
In addition to the signed Block-4North (Khuff) Agreement, QP is intensifying its exploration effort to explore and discover new oil and gas fields. QP said it expects to sign several new Exploration and Production Sharing Agreements in the near future.
“Although we are witnessing a slowdown in the world economies Qatar's oil and gas business is starting to accelerate at its fastest pace and will only reach its peak production in the next few years,” Al Attiyah said.
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