Doha, November 7, 2002
Qatar Petroleum (QP) and Occidental Petroleum of Qatar Limited (OPQL) signed today two agreements regarding the Phase-II development of Idd Al Shargi North Dome Field (ISND) and the Full Field Development of Idd Al Shargi South Dome Field (ISSD). The signing ceremony was held at Qatar Petroleum Headquarters in Doha.
The agreements were signed by H.E. Abdullah Bin Hamad Al Attiyah, Minister of Energy and Industry, Chairman of Qatar Petroleum, representing the government of Qatar, and Mr. Carey Lowe, President and General Manager, of Occidental Petroleum of Qatar Limited (OPQL).
Occidental Petroleum of Qatar development of ISND started after the signature of the Development and Production Sharing Agreement (DPSA) between the government of the State of Qatar and Occidental Petroleum of Qatar on July 24, 1994. The historical production of the ISND Field reached 140,000 barrels of oil per day in June 1998 and current production capacity is approximately 90,000 barrels of oil per day. The ISND Phase-II plan is targeting the development of 144 MMBO of new reserves and will increase the production level to 127,000 Barrels of oil per day in 2006 with a total cost of approximately $566 million, which OPQL will invest.
The Full Field Development of ISSD is being implemented under a separate DPSA signed between the Government of Qatar and OPQL on December 10, 1997. Following appraisal and evaluation activities, Full Field Development of ISSD is anticipated to increase the production level to about 17,000 BOPD in 2006 with a total cost of $212 million. The facilities requirement ISSD Full Field Development will be integrated with ISND Phase-II facilities for maximum synergies and cost savings.
Occidental is also involved in Qatar’s North Field Gas Development through acquisition of 24.5% equity in the Dolphin Project to develop and export 2 billion cubic feet of Qatari gas per day (bcfd) to the United Arab Emirates.
This news item was posted on 11-Nov-2002
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