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ConocoPhillips chief seeks extra US protection of Mideast assets / Photo: © AFP
ConocoPhillips chief seeks extra US protection of Mideast assets
US oil giant ConocoPhillips has been urging President Donald Trump's administration to provide extra protection around assets in Qatar where the company has invested significantly, its chief executive said Tuesday.
CEO Ryan Lance's comments at the CERAWeek energy conference in Houston come as war rages on in the Middle East, after US-Israeli strikes on Iran on February 28 triggered Tehran's retaliation.
In addition to bringing commercial shipping to a virtual halt through the vital Strait of Hormuz, Iran has also attacked energy infrastructure in the region.
"We're obviously a big investor in Qatar, so a lot of my conversations with the administration is really pleading to try to get extra protection around the US-owned assets in Qatar," Lance said.
"As they protect naval and air force bases and our servicemen and embassies and US citizens, putting US assets on that list to protect there in Qatar is very important," he added.
Lance also said that his company had to evacuate a number of staff over the last few weeks, adding that the situation has been difficult to assess.
Oil prices have soared since the war began, with the price of a barrel of international benchmark Brent crude surging by more than 40 percent.
As of Tuesday afternoon, Brent prices hovered above $104.30 per barrel.
Normally, around a fifth of the world's oil and liquefied natural gas passes through the Strait of Hormuz.
P.A. Mendes--JDB
