Qatar Petroleum Leads a New Wave of NOC Investment in International Exploration

Source: www.gulfoilandgas.com 8/27/2019, Location: Middle East

In the 2000’s national oil companies (NOCs) investing abroad were viewed as new competition to the international oil companies (IOCs). NOCs began acquiring international assets, whether to bolster security of supply for their growing economies, for energy diplomacy or simply to generate new profit streams abroad capitalizing on their domestic capabilities.

Westwood research shows that NOCs have participated in 270 high impact exploration wells outside of their home country since 2008. This is around 23% of the global high impact well total[1]. The 9 most active NOCs have spent a combined US$7bn and discovered a net commercial volume of ~6bnboe.

Though NOCs have retrenched exploration investment alongside the IOCs since the oil price crash of 2014, Qatar Petroleum (QP) has bucked the trend, building an international portfolio from scratch. It has participated in three high impact commercial discoveries already in 2019, two of which were high risk frontier discoveries opening new plays.


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