A joint venture between Euronav and International Seaways has been awarded 10-year contract extensions for the FSO Asia and the FSO Africa for operations on the Al-Shaheen oil field off Qatar.
The extensions are in direct continuation of current contractual service and will last until 21 July 2032 and 21 September 2032, respectively.
The extensions were agreed with North Oil Company (NOC), the operator of the Al-Shaheen oil field, whose shareholders are Qatar Petroleum and Total.
The FSO Asia and FSO Africa, two high specifications custom-built, three million barrel capacity floating storage offshore units, have been serving the Al-Shaheen oil field continuously since 2010.
The previous, five-year extension was agreed back in May 2017.
The contract extensions are expected to generate in excess of $645 million in contract revenues for the joint ventures from the extension dates in 2022.
Al-Shaheen oil field is located in Qatari waters 80 kilometres north of Ras Laffan with facilities consisting of 33 platforms and more than 300+ wells.
This is Qatar’s largest offshore oil field and one of the largest offshore oil fields in the world.
Total and Qatar Petroleum took over the operatorship of the giant Al-Shaheen offshore oil field for a period of 25 years beginning in July 2017.
The concession is operated by the NOC, which was established as a partnership between Total (30 per cent) and Qatar Petroleum (70 per cent).