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Qatar Petroleum, Sasol Chevron Sign MoU for GTL Base Oils Project

Source: 3/2/2005, Location: Middle East

Doha, 2 March, 2005 - Qatar Petroleum (QP) on behalf of the Government of the State of Qatar and ONGC Videsh Ltd. Petroleum Company (Indian) have signed an Appraisal and Production Sharing Agreement for the offshore Najwat Najem Oil structure.

This new agreement reflects QP’s policy to comply with the guidance of H. H. The Emir, Sheikh Hamad Bin Khalifa Al Thani to increase the country’s hydrocarbon reserves base, oil production potential and diversify Qatar national income and firm up Qatar economy.

The agreement was signed by H E. Abdulla Bin Hamad Al Attiyah, Second Deputy Prime Minister and Minister of Energy and Industry, on behalf of Qatar Petroleum and Mr. Subir Raha, Chairman and Managing Director of ONGC Group at a ceremony held in Doha. The signing ceremony was also attended by senior officials of QP and ONGC Videsh Limited.

The 120 km2 offshore acreage designated as Najwat Najem Oil Structure Area is located eastern offshore of the State of Qatar. The oil structure was discovered several years ago and requires appraisal. It is situated within some of the world’s most prolific petroleum systems. The terms of this agreement call for an initial two years appraisal phase during which ONGC Videsh Limited, in partnership with QP, will undertake a work program comprising technical studies, seismic reprocessing and drilling wells. Based on the results of the appraisal, then the development and production project of Najwat Najem oil structure will be carried out. All relevant operations and studies will be implemented with QP supervision.

ONGC Videsh Ltd Company operates in several countries including Russia, Syria, Iraq, Sudan, Libya, Vietnam, Myanmar, Iran, Ivory Coast and Australia, in addition to India.

The exploration and production sharing agreement approach which is being applied extensively in Qatar during last fifteen years to increase Qatar hydrocarbon reserves and production proved to be very successful. This strategy is fully supported by H. E. Abdullah Bin Hamad Al Attiyah, Second Deputy Prime Minister, The Minister of Energy and Industry.

This Najwat Najem Appraisal and Production Sharing Agreement is one of a series of EPSA’s and DPSA’s Qatar Petroleum signed with several international oil companies to explore appraise and develop Qatar oil and gas resources. These agreements have resulted in discovery, development and increase hydrocarbon reserves and production of several fields in Qatar. e.g.: Al Khalij Field (Total), Al Shaheen Field (Maersk), Idd El-Shargi North and South Fields (Occidental) and Al Rayyan Field (Anadarko).

All these plans and achievements will have a direct

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