A.P. Møller - Mærsk A/S – Qatar Al Shaheen Field – Unsuccessful in Tender Process

København K, DENMARK


ANNOUNCEMENT

 

 

  

A.P. Møller - Mærsk A/S – Qatar Al Shaheen Field – Unsuccessful in Tender Process

 

 

In July 2015 Qatar Petroleum (QP) invited a number of international oil companies to participate in a competitive tender process regarding the future development of the Al Shaheen oil field in Qatar. Presently Maersk Olie & Gas (Maersk Oil) is the operator of the field and the current 25 year production sharing agreement expires in July 2017.

 

Earlier this year Maersk Oil submitted its bid in the tender. Maersk Oil has today been informed that QP has selected another oil company as partner for the future development of the Al Shaheen field.

 

During the past 24 years Maersk Oil and QP have together developed the Al Shaheen Oil field into Qatars largest off-shore producing oil field which today accounts for approximately 40% of Qatar’s total oil production. Leading up to the expiry of the existing production-sharing agreement Maersk Oil will work together with QP to support a smooth transition of the existing operations to the new operatorship. Maersk Oil will be redeploying a number of its employees which today are based in Qatar elsewhere in its global organisation. The majority of remaining employees in Qatar are expected to be offered employment by the new operator.

A.P. Møller - Mærsk A/S’ financial outlook for 2016 remains unaffected and no need for write-downs will occur. The Group’s reserves and resources (by end of 2015 2P + 2C of 1,141 million boe) will not be impacted by the expiration of the agreement.

Copenhagen, 27 June 2016

Contact persons:

Head of Investor Relations, Stig Frederiksen, tel. +45 3363 3106

Head of Media Relations, Louise Münter, tel. +45 3363 1912

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Page 1 of 1

 


Attachments

Announcement Qatar unsuccessful.pdf