Saad Sherida Al-Kaabi
,CEO,Qatar Petroleum
It has been quite the year for Qatar Petroleum (QP), most notably including a significant reorganisation programme, which included the integration of Qatar Petroleum International – a result of a struggling market.
Speaking about the move, Saad Sherida al-Kaabi, explained the reasoning behind the move, saying: “The reorganisation was designed to meet QP’s new strategic objectives to become one of the best NOCs in the world, enabling it to be at par with leading international oil and gas companies,” adding that the vision is to ‘be a world-class oil and gas corporation with its roots in Qatar and a strong international presence’.
“Leading companies frequently re-organise to meet the requirements of the ever-competitive environment and deliver on their strategic objectives, which is exactly what QP did,” Al-Kaabi added.
“We are in a period of oversupply in the industry, and we need to be very efficient. Whilst we have no control over market size and prices, we do have control over our cost and expenditure,” he said.
Away from the restructure, Al-Kaabi has had his hands full with a number of other projects and initiatives, including buying a 30% stake in three deep-water offshore leases in Morocco from Chevron Morocco Exploration, and beginning the evaluation process for the selection of a partner to undertake the future development of the Al Shaheen field, as the current agreement expires in mid-2017.
