Qatar Petroleum unveils spending plans, clarifies border dispute

Qatar Petroleum plans to invest about 87 billion Qatari rials in four different sectors of its business over the next 5 years, QP Senior Business Planner Howard Graham Bevan told an investment conference in Doha.

Jan. 15, 2003

By an OGJ correspondent
NICOSIA, Jan. 15 -- Qatar Petroleum plans to invest about 87 billion Qatari rials in four different sectors of its business over the next 5 years, QP Senior Business Planner Howard Graham Bevan told an investment conference in Doha.

Bevan said the company's planned expenditures for 2003-07 will include 34 billion rials for North Field natural gas development, 28 billion rials toward refining, 13 billion rials for oil development, and 10 billion for petrochemicals.

Meanwhile, Nasser Al Jaidah, Qatar Petroleum's director for oil and gas ventures, told the conference that a maritime border dispute with Bahrain has cleared the way for exploration of four blocks: 3, 4, 13, and 14.

In March 2001, the International Court of Justice resolved the long-standing dispute between Qatar and Bahrain over the Hawar Islands and neighboring islands.

In its ruling, the ICJ awarded Bahrain sovereignty over the Hawar Islands and the smaller Qitat Jaradah island, while Qatar retained the neighboring islands of Zubarah and Janan, along with the Fasht al-Dibel reefs.