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MIRA
INFORM REPORT
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Report Date : |
05.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
OCCIDENTAL PETROLEUM OF QATAR LTD (OXY) |
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Registered Office : |
C Ring Road, PO
Box 22611, Doha |
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Country : |
Qatar |
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Date of Incorporation : |
06.08.1995 |
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Com. Reg. No.: |
17693 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Offshore Oil and Gas Drilling
Activities |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 500,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : OCCIDENTAL PETROLEUM OF QATAR LTD (OXY)
Country of Origin : Qatar
Legal Form : Limited Liability Company
Registration Date : 6th August 1995
Commercial Registration Number : 17693
Chamber Membership Number : 2103
Issued Capital : QR 44,000,000
Paid up Capital : QR 44,000,000
Total Workforce : 350
Activities : Offshore oil and gas drilling activities
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 500,000
COMPANY NAME
OCCIDENTAL
PETROLEUM OF QATAR LTD (OXY)
ADDRESS
Registered & Physical Address
Location : C Ring Road
PO Box : 22611
Town : Doha
Country : Qatar
Telephone : (974) 4459459
Facsimile : (974) 4459555
Premises
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Doha.
KEY PRINCIPALS
Name Position
·
Edward
Hanley General
Manager
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Jeffery
Pidal Production
Manager
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Ibrahim
Al Othman Administration
Manager
LEGAL FORM & OWNERS
Date of Establishment : 6th
August 1995
Legal Form :
Limited Liability Company
Commercial Reg. No. : 17693
Chamber Member No. : 2103
Issued Capital : QR 44,000,000
Paid up Capital : QR 44,000,000
Name of Shareholder (s)
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Occidental
Petroleum
Texas
United States of America
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Qatar
Petroleum Corporation (QP)
Al Sadd Plaza
West Bay
PO Box 3212
Doha
Tel: (974) 4491491 / 4402000
Fax: (974) 4831125 / 4402020
Email: marketing@qp.com.qa
OPERATIONS
Activities: Engaged in
offshore oil and gas drilling activities.
Subject operates the offshore Idd
El Shargi North Dome (ISND) oil field. The field went into production in 1963
and peaked at 50,000 barrels per day in 1970. When Oxy took over the operation
in October 1994, average daily production had fallen to 20,000 barrels. With
the application of advanced drilling systems and new technologies, Oxy was able
to boost production to a peak above 100,000 barrels per day, more than double
the previous record.
The ISND field has an estimated 4
billion barrels of remaining oil in place. Through the application of
waterfloods, innovative drilling techniques and state of-the-art reservoir
characterization, Oxy is maximizing recovery rates and adding new reserves. In
2005, Oxy added major new processing facilities to the existing PS-1 offshore
platform doubling the fluid handling capacity. The platform addition is a
remarkable technical achievement. Its topside weight is more than 8,000 tons
and it has enabled Oxy to increase power generation five-fold and more than
double gas compression, water injection and separation capacity. Oxy’s
successful redevelopment of ISND resulted in the Government of Qatar awarding
Oxy a production sharing contract for the Idd El Shargi South Dome (ISSD)
field, 15 miles south of ISND.
With the application of advanced
drilling systems and new technologies, Oxy was able to boost production to more
than 138,000 barrels per day, nearly three times the previous peak achieved a
quarter of a century earlier.
Import
Countries: United States of
America
Subject has a
workforce of approximately 350 employees.
FINANCIAL DATA
Companies
registered in Qatar are not legally required to make their accounts public and
no financial information was released by the company or submitted by outside
sources.
BANKERS
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Doha Bank Ltd
Al Jasrah Street
PO Box : 3818
Doha
Tel : (974) 4435444
Fax : (974) 4416631 / 4410625
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
During the course of
this investigation nothing detrimental was uncovered regarding subject’s
operating history or the manner in which payments are fulfilled. As such the
company is considered to be a fair trade risk and the above credit figure is
within subject’s financial means.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.28 |
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UK Pound |
1 |
Rs.82.79 |
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Euro |
1 |
Rs.65.69 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)