Al Shaheen is Qatar's largest oil field and is operated by Maersk Oil. It is located offshore 80 kilometres north of Ras Laffan. The development started in 1994, with first oil being brought onstream in 1995. Maersk is implementing phase three of the development, aiming to maintain the 300,000 b/d production plateau. The production licence expires in mid-2017.In May 2015, Qatar Petroleum invited a number of international oil companies, including Maersk Oil to bid to participate in the field post-2017. QP hopes that the tender will deliver a technically capable operator and extract maximum value for the state. We assume that the new contract will be converted to a concession, as was the case when the licence for the Al Khalij field was renewed in 2014. For the purposes of valuation we assume the post-2017 contract is allocated to Qatar Petroleum.