State-owned energy firm Qatar Petroleum (QP) is currently seeking oil and gas in Morocco and Cyprus as it aims to expand its LNG assets abroad while reducing costs at home.
"You will see us going internationally with some of the partners we have in Qatar, this year and next year... We are in growth mode," said QP CEO, Saad al-Kaabi.
As the world’s largest LNG producers, QP is pursuing deals in Cyprus, where it “won a bid for 40% of a plot for exploration."
The company also plans to merge two LNG divisions, Qatargas and RasGas Co. Ltd, to save hundreds of millions of dollars following a more-than-two-year slump in oil prices that has forced Gulf countries to reduce state spending.
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