North Oil Company loads first crude tanker from Al-Shaheen field

Further to the taking over of the operatorship of Al-Shaheen oil field on July 14, North Oil Company (NOC) “safely and successfully” loaded the first tanker of crude oil.

“I am delighted that Al-Shaheen produced its first oil under the new operatorship”, said Jacques Azibert, North Oil Company chief executive officer. “This event has great significance to us as it is the result of an intense and successful transition period and signals the start of Al-Shaheen’s long-term journey toward maintaining the longest possible production plateau and contributing to Qatar’s economic development. Progress on the Al-Shaheen field would not have been possible without the support of our shareholders; Qatar Petroleum and Total. I also congratulate the teams for their expertise and commitment in delivering this unique project, added Azibert.NOC is set to become a world leading offshore operator by applying cutting-edge, innovative and world-class technologies. Later this year, North Oil Company will resume development of the field with the mobilisation of three drilling rigs to maintain production plateau. This campaign includes the drilling of more than 100 wells over the next five years.Al-Shaheen oil field is located in Qatari waters, 80 kilometers north of Ras Laffan with facilities consisting of as many as 33 platforms, 300 wells and currently producing 300,000 barrels of oil per day. Al Shaheen is Qatar’s largest offshore oil field and one of the largest offshore oil fields in the world.North Oil Company (NOC) is an operating company created through a joint-venture agreement to operate and further develop the Al-Shaheen oil field for the next 25 years. NOC is a Qatari company, 70% owned by Qatar Petroleum and 30% by Total.In June 2016, a development and fiscal agreement was signed with Total, in which QP licensed the rights for the development and operation of the field, and for the production, sale and export of crude oil from Al-Shaheen oil field for 25 years starting from July 14, 2017.The inauguration of North Oil Company was held on July 11 in Doha under the patronage and in the attendance of HE the Prime Minister and Minister of Interior, Sheikh Abdullah bin Nasser bin Khalifa al-Thani.NOC is set to become a world leading offshore operator by developing one of the world's largest and most complex oil fields and by applying cutting-edge, innovative and world-class technologies.Earlier, QP president and chief executive Saad Sherida al-Kaabi and Total chairman and chief executive Patrick Pouyanne had jointly stated that NOC would see investments of $3.5bn over the next five years in Qatar's giant Al Shaheen oilfield.