3.750
%
Neutral
26
mm boe
15
%
While Qatar is open to investment, the influx of IOCs into the North Field expansion has precluded the involvement of independents. Regional security incidents in 2025 exposed vulnerabilities, but the LNG expansion remains on track. Outlook maintained because access for independents remains limited. Outlook: Neutral. Risk premia unchanged at 3.75%.
October 7, 2026
Middle East
mm bbl
bcf
Middle East, peninsula bordering the Persian Gulf and Saudi Arabia.
Multiple (PSC/Concession)
Mixed regime. Most IOC oil fields were historically developed under EPSAs and DPSAs with QatarEnergy. Newer arrangements, including the North Field LNG expansions and the Al-Shaheen field, are joint ventures in which QatarEnergy holds the majority (typically 70–75%) and partners pay royalty and income tax under development and fiscal agreements (DFAs). Corporate income tax is 10% generally but at least 35% for petroleum operations.
Qatar is a stable, wealthy monarchy and key mediator, although an Iranian missile strike on Al Udeid air base in June 2025 and an Israeli strike on Hamas officials in Doha in September 2025 exposed its regional vulnerability. US and UK guidance cite liberalised FDI rules, but note opaque procurement and the role of state entities. The EIA notes that QatarEnergy's North Field East and South expansions will lift LNG capacity from 77 to 142 mtpa, with the first new trains due around 2026.
Source: ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data.
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