State energy giant Qatar Petroleum will push ahead with its production expansion and foreign asset acquisition strategy to be on par with oil majors, despite a regional political and economic embargo on Doha, its chief executive said.<\/p>\n
QP, which produces 4.8 million barrels of oil per day, aims to boost its output to 6.5 million bpd in the next eight years, and is expanding its upstream business abroad, particularly in the United States, CEO Saad Al-Kaabi told Reuters. One of the smallest producers of the Organization of Petroleum Exporting Countries, Qatar is also one of the most influential players in the global liquefied natural gas market due to its annual production of 77 million tons.<\/p>\n
\u201cWe are in Mexico, we are in Brazil, we are contemplating investing in the US in many areas, in shale gas, in conventional oil. We are looking at many things,\u201d Al-Kaabi said in an interview at QP\u2019s headquarters in Doha.<\/p>\n
\u201cWe are looking very critically at the United States because we have a position there. We have the Golden Pass that we are investing in,\u201d he said.<\/p>\n
Qatar Petroleum is the majority owner of the Golden Pass LNG terminal in Texas, with Exxon Mobil Corp and ConocoPhillips holding smaller stakes.<\/p>\n
Al-Kaabi said \u201cdepending on the project\u2019s cost and feasibility\u201d, he expects to take a final investment decision on expanding the Golden Pass LNG by the end of the year.<\/p>\n
\u201cI\u2019m not in the business of infrastructure. I\u2019m not going to have a liquefaction plant only. It has to be something that will be linked with an upstream business that we would buy in the US so we need to be naturally hedged,\u201d he added.<\/p>\n","protected":false},"excerpt":{"rendered":"
State energy giant Qatar Petroleum will push ahead with its production expansion and foreign asset acquisition strategy to be on par with oil majors, despite a regional political and economic embargo on Doha, its chief executive said. QP, which produces 4.8 million barrels of oil per day, aims to boost its output to 6.5 million […]<\/p>\n","protected":false},"author":2,"featured_media":2629,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2,6],"tags":[818,54,817,639,56,95],"yoast_head":"\n