Quatar Petroleum (QP)

Quatar Petroleum is a state-owned oil company in the Middle Eastern country of Quatar. QP is the third largest oil company in the world in terms of oil and natural gas reserves.

History

After World War I, Quatar’s oil fields were awarded to British petroleum’s predecessor, the Anglo Persian Oil Company. In 1974, QP was established a purchased a 25% stake in all oil concessions. By 1974, QP had increased its share to a total of 60%. By 1976, QP had taken full control over both onshore and offshore oil production in Quatar.

While QP manages the majority of onshore exploration and production, it does not have the necessary capabilities for offshore production. As a result, most offshore oil production is done in collaboration with International Oil Companies that include ExxonMobil, Chevron, and Total.

Holdings and Industry Sector

Quatar Petroleum has an estimated recoverable reserve capacity of 170 billion barrels of oil. Its production capacity is currently a little more than 1 million barrels of oil per day.

Quatar Petroleum has limited upstream capabilities, with most of its production capability related to onshore drilling. QP operates the country’s oil pipeline network as well as its three refineries and export terminals.

QP has multiple international joint ventures in the petrochemical field, including the Quatar Chemical Company, the Quatar Petrochemical Company, and the Quatar Fertilizer Company.

Revenue

In 2009, QP had total revenue of 11 billion U.S. dollars and total profits of $9 billion. This accounts for roughly 60% of the country’s gross domestic product.

Environment

Quatar Petroleum has a relatively clean environmental record, with no major spills on its record. It is currently expanding capabilities in all segments of the oil industry.