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    Bloomberg: Qatar Petroleum Expanding Overseas With Focus on Production

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Summary

Qatar Petroleum, the world’s biggest producer of LNG, plans to expand overseas after a restructuring that included the takeover of its foreign investment arm and the firing of some workers.

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Bloomberg: Qatar Petroleum Expanding Overseas With Focus on Production

Qatar Petroleum, the world’s biggest producer of liquefied natural gas, plans to expand overseas after a restructuring that included the takeover of its foreign investment arm and the firing of some workers.

The unspecified job cuts were one part of an eight-month reorganization that has seen QP take over Qatar Petroleum International, divest non-energy units including a catering company, and impose stricter conditions on foreign partners.

“We are very ambitious internationally,” Chief Executive Officer Saad Sherida al-Kaabi told reporters Tuesday in Qatar’s capital, Doha. The state-run company is focusing on upstream businesses such as energy production rather than downstream activities including refining and distribution, he said, declining to provide details.

QP has shifted priorities since leading Qatar’s transformation into the largest LNG supplier and is seeking now to manage a slump in the nation’s oil output while expanding internationally. As Qatar tries to avoid quickly depleting its oil and gas deposits, the Persian Gulf emirate is limiting opportunities for foreign companies that want to maximize output, according to a June report by Michael Barron, director of global energy at risk consultants Eurasia Group. MORE

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