Qatar Petroleum (QP), the integrated national oil corporation responsible for the sustainable development of the oil and gas industry in Qatar and beyond, has taken over the management and operatorship of the Idd El-Shargi North Dome (ISND) and Idd El-Shargi South Dome (ISSD) offshore oil fields.
This comes after the expiry of the development and production sharing agreements (PSA) with Occidental Petroleum of Qatar (OXY) for both ISND and ISSD on October 6, 2019.
HE Saad bi Sherida al-Kaabi, the Minister of State for Energy Affairs as well as the president and chief executive of QP, welcomed all the new employees from OXY to QP and expressed confidence in QP's human capital as being the main driving power behind its continuous successes, including taking over both ISND and ISSD fields.
The integration of ISND and ISSD oil fields illustrates the development of QP's distinctive technical capabilities in operating and managing oil and gas fields, said QP, whose activities encompass the entire spectrum of the oil and gas value chain locally, regionally, and globally, and include the exploration, production, processing, marketing and sales of oil and gas, liquefied natural gas, natural gas liquids, gas to liquids products, refined products, petrochemicals, fertilisers, steel and aluminium.
Idd El Shargi is located offshore about 85 kilometres east of Doha. It is one of Qatar's largest oil fields and consists of two elliptical domes: the larger North Dome and the smaller South Dome.
QP had previously announced that it would be taking over the operatorship of the ISND field once the related development and production sharing agreement expired and that it was offering employment to all Occidental Petroleum of Qatar employees.
Subsequent to such announcement, QP and OXY reached an agreement under which OXY would also hand over the ISSD field to QP along with the ISND field.
LEAVE A COMMENT Your email address will not be published. Required fields are marked*
Foreign institutions sustain bullish run on Qatar bourse
Yuan joins ranks of world’s most influential currencies
‘Amazon in talks to buy $2bn stake in Indian telco Bharti Airtel’
China to allow foreign airlines back after US retaliates
Bond market flashes stagflation alarm after Fed’s gusher of cash
Asian markets mixed as rally stalls on China-US tensions
Lufthansa faces removal from DAX benchmark after 32 years
ECB boosts pandemic stimulus to €1.35tn
Al-Kuwari presides over virtual meeting to discuss private sector challenges due to Covid-19 crisis