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.
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.