QP plans to expand production capacity from the current 4.8 mbpd equivalent of oil to 6.5 mbpd in the next 8–10 years as part of its long-term strategy.
In early June, QP announced an agreement with ExxonMobil to become a 30% equity holder in two ExxonMobil affiliates in Argentina holding different interests in hydrocarbon licences for seven blocks in the world-class Vaca Muerta play in the onshore Neuquén basin. QP President and CEO Saad Sherida Al Kaabi described the agreement as ‘an important milestone on the road to expanding our international footprint’. It marks QP’s first investment in Argentina, as well as its first significant international investment in unconventional oil and gas resources.
Following QP’s instructions to raise the non-Qatari ownership limit in the energy sector companies and in its subsidiaries listed on the Qatar Stock Exchange to 49%, and raise the shareholder ownership limits in such companies to no more than 2%, Mesaieed Petrochemical Holding Company will increase its shareholder ownership limit to 2% and Qatar Fuel (WOQOD) will increase its limit to 1%.
WOQOD aims to increase the number of its petrol stations in the country from 58 to 88 by year-end, and is investing QAR634 million in new projects this year.
Qatar’s hydrocarbon industry remained unaffected by the economic blockade, which entered its second year in early June.