Qatar Petroleum (QP)

Qatar Petroleum (QP) is planning a new development in the offshore North field, ending a 12-year ban on new projects so it could assess the effect of its extraction rate on the giant reservoir it shares with Iran. The patch, in the southern section of the field, will have a capacity of 2 Bcf/D, or 400,000 BOE/D, and should start production in 5 to 7 years, President and CEO Saad Sherida Al Kaabi told reporters on 3 April. The North field and the connected South Pars field in Iran constitute the world’s biggest reservoir of nonassociated gas. QP was quicker to exploit it, but Iran has begun to catch up.