Drilling International established in Qatar
Posted: 24 March 2004
Qatar Petroleum and Japan Drilling Company (JDC) signed an agreement
to establish the first national drilling company in Qatar named
Gulf Drilling International (GDI). Shares of the newly formed company
will be divided as follows: Qatar Petroleum (60 per cent) and JDC
(40 per cent).
H.E. Abdullah Bin Hamad Al-Attiyah, Second Deputy Premier Minister
of Energy and Industry signed on behalf of Qatar Petroleum and Mr.
Hiroichi Hayashi, President of JDC signed on behalf of the Japanese
GDI will be established initially based on six rig operations (4
offshore jack-up and 2 land rigs) with an investment capital of
US$258 million, during the initial three years of the joint venture.
The company will also include other support services such as an
offshore accommodation barge, work over rigs and other oil well
services in the future.
“’This achievement would not have been possible without
the support of H.H. the Emir, Sheikh Hamad Bin Khalifa Al-Thani.
The establishment of a national drilling company constitutes an
important stage in contributing to the development of oil and gas
in the state of Qatar, support the local economy and create employment
opportunities for Qataris to work in the management and operations
of an international recognized drilling company,” H.E. the
Second Deputy Premier said.
The newly formed company (GDI) will commence activities in the
second quarter of 2004 with one jack-up rig purchased from JDC.
GDI will invest in newly built rigs equipped with state-of-the-art
equipment and latest drilling technology, to suit the drilling needs
of Qatar [petroleum and other international operators in Qatar.
GDI will also purchase second hand rigs to expand its operations
to meet current and future demands for drilling rigs in Qatar oil
GDI is also expected to pursue business opportunities outside Qatar
to include the GCC and other neighboring countries.
For moe information see www.qp.com.qa
Posted by Richard Price,
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