Maersk Oil Qatar (MOQ) has been able to produce more than 1.5bn barrels of oil from the offshore Al Shaheen oilfield, its managing director Lewis Affleck said recently, according to the Gulf Times newspaper.
Affleck was speaking at the ‘HEC Paris Guest Lecture’ series recently, sharing his experience in the oil and gas industry with master degree students and alumni at the business school’s Doha campus.
As the largest offshore oil producer in Qatar, MOQ has a ‘unique understanding’ of Al Shaheen, which is one of the world’s most complex oilfields, he said.
“In support of realising Qatar’s National Vision 2030 and in close partnership with our partner Qatar Petroleum, our focus in Maersk Oil is on the wise management of the country’s natural resources to help maximise recovery and deliver a stable production plateau from Al Shaheen field,” Affleck said.
“We currently produce around 300,000 barrels of oil per day (bpd), which is over one third of Qatar’s daily oil production,” Affleck said.
Affleck walked the audience through his role as an executive at Maersk Oil, part of A.P. Moller-Maersk Group — one of the world’s largest conglomerates — and his views on creating and driving value, particularly in a low oil price environment.
“Delivering value begins with understanding the context that you are operating in. Maersk is not only committed to delivering tangible contributions to the economy and society today, but we’re committed to Qatar for generations to come,” he said.
Affleck shared how Maersk Oil and the Maersk Group were coping with the current low oil price environment, not only seeking to sustainably reduce costs, but also pursuing growth opportunities.
“It’s a difficult and challenging time for our industry, but with challenge, also comes opportunity.”
Maersk Oil has sanctioned two mega-projects this year – Culzean in the United Kingdom and Johan Sverdrup in Norway, both of which are expected to benefit from lower commodity prices during their construction period.
“We also announced an acquisition in Africa recently – so despite the current low oil price environment and our focus on cost transformation, opportunities still exist for efficient businesses to grow,” Affleck added.
