Qatar Petroleum (QP) has announced it will take over the operations of a key offshore oil field from US energy company Occidental Petroleum’s (Oxy), once their concession agreement expires in the fourth quarter next year.
QP will become the sole operator of the Idd el-Shargi oil field, part of the mega North Dome hydrocarbon reserve, when its Development and Production Sharing Agreement with Oxy ends on 6 October 2019.
The two companies signed the agreement in 1994 for the management and operation of the Idd el-Shargi field, which was discovered in 1960 and lies 85 kilometres off the eastern coast of Doha.
QP’s CEO Saad Sherida al-Kaabi has said the firm will absorb all of Oxy’s staff working on the asset, as part of the transfer of operatorship.
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