Qatar Petroleum accelerates overseas expansion drive
While international attention is focused on the Qatari state energy company’s flagship domestic LNG project, the firm is quickly building a worldwide portfolio
Government-owned Qatar Petroleum (QP) in late July built on ties with Eni and Total to acquire interests in five exploration blocks in Kenya and Guyana. This is the latest move in a two-year international upstream acquisition spree that has seen the traditionally domestically-focussed company build a substantial portfolio in Africa and the Americas, as well as within the GCC. Global diversification is a long-stated QP aim—one appearing especially prudent in light of its two-year blockade by its GCC peers and rising US-Iranian friction. "QP's international expansion is being driven by corporate strategy," says Lynn Morris-Akinyemi, analyst at consultancy Wood Mackenzie. "It started this lates
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