QP is looking to transform itself into a top-tier international oil firm through major overseas expansion. 2019 is set to be a key year. First oil from new Mexican assets is expected along with drilling offshore Cyprus, South Africa, Brazil and Mozambique.

Qatar Petroleum has ramped up its overseas activity since late 2017, securing a swathe of assets. The latest move was announced on 16 December, with a 35% farm-in to Eni’s 2.1bn barrel “Area 1” offshore Mexico which...