Oxy & Qatar Enter Deal to Increase Production Offshore Qatar
Monday, November 11, 2002
Qatar Petroleum and Occidental have entered into an agreement worth $778 million to increase production from two fields offshore Qatar, Idd El Shargi North Dome and Idd El Shargi South Dome. Both fields, which reached peak production about eight years ago, have been declining. The contract for the second development phase of the North Dome field will increase production by 37,0000 barrels per day by 2006. The plan for the South Dome field will increase production by approximately 10,000 barrels per day. Occidental signed a production sharing agreement in 1994 to become operator the North Dome Field and later signed a production sharing agreement 1997 to become operator of the South Dome Field.