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|14 October, 2018

Qatar Petroleum to manage ISND oil field by 2019

The move will take place after the expiry of the agreement with Occidental Petroleum of Qatar

image used for illustrative purpose A view of the Adriatic liquefied natural gas (LNG) terminal in Venice, October 20, 2009.

image used for illustrative purpose A view of the Adriatic liquefied natural gas (LNG) terminal in Venice, October 20, 2009.

REUTERS/Stefano Rellandini

Qatar Petroleum (QP) on Sunday announced that it will manage and operate the Idd El-Shargi North Dome (ISND) oil field by 2019.

The move will take place after the expiry of the development and production-sharing agreement (DPSA) with Occidental Petroleum of Qatar on 6 October 2019, according to QP’s statement.

“Managing and operating this important oil field showcases Qatar Petroleum’s distinctive technical capabilities in operating and managing oil & Gas fields, and maximizes the value for the State,” Saad Sherida Al-Kaabi, QP’s president and CEO, said.

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In 1994, both Qatar Petroleum and Occidental Petroleum of Qatar have signed the agreement for the management and operation of the Idd El-Shargi field north dome, discovered in 1960 and lies 85 kilometers off the eastern coast of Doha.

The management and operation of this key field enhance the state-run firm's “efforts to implement [its] ambitious growth plan designed to set Qatar Petroleum firmly on the road to becoming the best national oil and gas company in the world,” Al-Kaabi added.

Source: Mubasher

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