Qatar Petroleum has signed a contract with a Chinese yard that will build LNG ships for around USD 3 billion for the oil state ahead of 2027. As such, construction now begins on around 100 new LNG vessels.
State-owned Qatar Petroleum will increase its production of liquefied natural gas to more than 100 million barrels a year. Qatar thus emphasizes its focus on LNG as the fuel of the future, writes Wood Mackenzie.
Dubai has opted to bar virtually all vessels headed to Qatar regardless of flags. This is evident from a notice issued by authorities in Dubai which ShippingWatch is in possession of. But there is still widespread confusion about how the gulf states will handle the boycott of Qatar.
It will be possible after all for Maersk Line and other container carriers to ship cargo to Qatar even though the country has been isolated by its neighbors, headed by Saudi Arabia, informs the carrier.
Six neighboring countries have cut their diplomatic ties with Qatar amid claims the Gulf state supports terrorism. The blockade thus far has triggered logistical headaches across the entire shipping industry. Here is how the crisis has affected the maritime sphere.
Qatar owns close to 15 percent of the share capital in Hapag-Lloyd, and this could pose problems for the planned capital expansion in light of the state's current conflict with its Arab neighbors, writes Alphaliner. Several container carriers are already hit by the boycott against Qatar.
If the conflict between Qatar and its neighboring states escalates further, the development could impact the supply of LNG. Six LNG vessels have so far been denied access to the United Arab Emirates, reports Reuters. But a consultant remains optmistic.
Maersk Oil would be able to fetch about USD 6-13 billion if the Maersk Group decides to sell the company, projects Sydbank's senior analyst in the wake of the announcement on Monday that the oil company was rejected as future partner on a vital oil field in Qatar.
Strengthening its ties to France in the midst of uncertain times in the Middle East may have impacted Qatar's choice of Total for the Al-Shaheen field, says an associate professor. He believes that security politics plays a bigger role than before in the oil sector.
Losing out on the tender for the Al Shaheen field in Qatar is a big blow to Maersk Oil, but the company would have lost a big part of the income from the field in Qatar regardless, several analysts note. Meanwhile, Maersk has the capital to go shopping for acquisitions if the group wants to.
Maersk Oil has lost out on the tender to operate the massive Al-Shaheen field in Qatar, a field in which the Danish company currently serves as operator. Al-Shaheen is one of the world largest oil fields and has for years been a de-facto moneymaker for Maersk.
Doha-based shipping group Milaha saw its overall revenue and profit slide slightly in the first quarter due to the pressured markets in container and offshore. Tanker carrier Milaha Gas and petrochem was the only unit to note growth.