Mulling investments: CNR looks to the Middle East
CNR looks to the Middle East
Canadian Natural Resources' recent agreement to co-operate with state-run Qatar Petroleum International (QPI) may lead to investments in the Middle East, company executive Steve Laut said today.
Speaking to reporters at an investment conference, Laut said Canadian Natural and QPI have agreed to co-operate on projects outside Qatar.
The agreement combines the Canadian company’s technical expertise on unconventional oil and gas production with QPI's area knowledge, though neither company has put up any money for the partnership yet, a Reuters report said.
"Qatar brings some good relationship advantages," the news agency quoted Laut as saying.
"We're looking to see if there is somewhere outside of Qatar where we could apply those (skills) together."
Canadian Natural, which operates in Canada, the North Sea and off West Africa, said investment in the Middle East is an option for the partnership, though the agreement is still in its early stages and no decisions have yet been made.
"We would look at the Middle East as one of the options," he said. "But right now it's very preliminary and no one is obligated ... but we will work together."
However Laut said the company has ruled out any investment in Iraq because of security concerns.