The two companies had been responsible for exploration and production of gas and LNG from the giant offshore North Field. Main shareholders are ExxonMobil, Total, ConocoPhillips, and Shell.
Saad Sherida Al-Kaabi, president and CEO of Qatar Petroleum, said: “Our aim was to integrate the two companies’ resources and capabilities to create a truly unique global energy operator in terms of size, service and reliability.
“We also aimed to create higher value for our stakeholders, and enhance the competitive position of the Qatari gas industry.
“It is important to highlight that this integration will ultimately save us around 2 billion Qatari Riyals [$549 million] in operating cost annually,” he added.
Qatargas is now the sole entity exporting Qatari LNG worldwide.
Sheikh Khalid Bin Khalifa Al Thani has been appointed the new CEO.