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Qatar Petroleum Signs Agreement with QPD for Full Development of Al Karkara Oil Field

Source: www.GulfOilandGas.com 9/21/2003, Location: Middle East

Doha, September 21, 2003 - Qatar Petroleum and Qatar Petroleum Development-Co. (PCCI) signed today an agreement for the full field development of Al-Karkara and A-North structure oil field.

H.E. Abdullah Bin Hamad Al-Attiyah, Second Deputy Premier, Minister of Energy and Industry, in his capacity as Chairman and Managing Director of Qatar Petroleum, and Mr. Keiichiro Okabe, President of QPD, Chairman and Chief Executive Officer of Cosmo Oil Co. signed the Agreement. Senior officials from Qatar and QPD attended the signing ceremony, held at Qatar Petroleum headquarters in Doha.

The original Development and Production Sharing Agreement (DPSA) was signed between Qatar Petroleum and QPD in July 1997. QPD is the operator of the consortium representing the contractor group according to the DPSA comprising Cosmo Oil Company Ltd., Nissho Iwai Corporation, United Petroleum Development Company Ltd. (Japan).

“This full development agreement is part of the strategic plan of Qatar Petroleum to continue the development and utilization of Qatar’s existing oil industry along with the ongoing development of the gas industry.” H.E. the Second Deputy Premier said.

“The project was unique in Qatar as it is the first venture to attempt non-flaring of gas by re-injecting back into the formation, a decision that was reached in consultation with QP's adoption of Gas Disposal as part of its Environmentally Friendly policy. The project will promote and enhance the bi-lateral relations between Qatar and Japan as the first full field development that has been carried out by a Japanese company.” Mr. Okabe said.

The initial development phase proved commercial viability of the project and resulted in preparation and approval of the full field development after extensive technical interaction with Qatar Petroleum.

The development consists of three stages. There will be a total of seven wells (four in Al Karkara and three in A-North). Four new wells will be drilled, two existing wells will be worked over and one existing well will be sidetracked.

The total development cost for the project is expected to be around $126.5 million.

Production is expected to commence in January 2005 targeting peak production rate of around 10,000 b/d around the first quarter of 2006. The produced fluids will be processed in the field’s facilities and the oil will be transported to Halul Island via Production Station-3 (PS-3) Main Oil Line.

The development project will be environmental friendly. The produced fluids will be disposed of, following guidelines of the Supreme Council for Environment and Natural Resources and laws of the State of Qatar, resulting in zero flaring of gas and disposal of produced water underground.


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