Occidental strikes deal with Qatar Petroleum to invest in offshore Qatar

7/15/2013

Occidental strikes deal with Qatar Petroleum to invest in offshore Qatar

BY SAABIRA CHAUDHURI

DOHA -- Occidental Petroleum has struck an agreement with Qatar Petroleum to invest what will likely amount to more than $3 billion to develop the Idd El Shargi North Dome field in offshore Qatar.

The exploration and production company said the Phase 5 Field Development Plan has been jointly prepared by Oxy Qatar and Qatar Petroleum as part of the continued development of the Idd El Shargi North Dome under the development and production sharing agreement between the Government of the State of Qatar and Oxy Qatar, which was struck in July 1994.

The company said the work has already begun and will continue to sustain oil production levels at about 100,000 bopd through the next six years.

It said the Phase 5 field development plan includes specific activities identified from upgraded reservoir simulation models to implement and/or improve water-flooding practices in all oil producing reservoirs. The plan includes drilling more than 200 additional production, water injection and water source wells, plus the installation of associated facilities required to support the additional wells.

Occidental noted that added facilities will include minimum facilities platforms, wellhead jackets, fluid processing equipment and pipeline debottlenecking and water source projects.

Oxy Qatar also operates the Idd El Shargi South Dome Field (ISSD) and the Al Rayyan Field in Block 12, and is a partner in Dolphin Energy.

Dow Jones Newswires

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