The law establishes Qatar Petroleum, the national oil and gas company. The company is created under the Supreme Council for Economic Affairs and Investment but is vested with an independent juristic personality. This legislation determines that the exploration and drilling for oil, natural gas and other hydrocarbons, as well as the negotiation of contracts concerning it, in the State of Qatar shall be limited to Qatar Petroleum alone.
Thus, the corporation has the mandate to conduct business in the petroleum industry within Qatar and overseas including exploration of and drilling for oil, natural gas and hydrocarbons; production, refining, transporting and storing of such substances and any of their derivatives and by-products; and trading, distributing, selling and exporting of these products.
According to this legislation, Qatar Petroleum shall have a general reserve fund in which 50% of the annual net profit shall be deposited until the balance is equal to the capital, and the State shall thereafter take the net profits in full. An increase in the reserve share and amount is subject to approval.