QATAR & EXXON PROJECT
TOGY wrote, Qatar Petroleum (QP) announced on Monday a joint venture with ExxonMobil called Ocean LNG, tasked with marketing LNG sourced outside the GCC country.
QP will own a 70% stake in the project, with ExxonMobil holding the remaining 30%, according to a QP press release.
"QP aspires to be one of the leading energy companies in the world, and LNG forms one of the cornerstones of these aspirations," said QP CEO Saad Sherida Al Kaabi in the statement. "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."
In recent months, Qatar has been seeking to optimise state-owned businesses in order to meet the challenges presented by low oil and gas prices and to gain an edge over potential LNG competitors, including firms drilling in the US and Australia.
In June, QP announced that it would integrate the Qatar International Petroleum Marketing Company, better known as Tasweeq, in order to improve the company's cost-effectiveness. The absorption process is still in progress.
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AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.