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Qatar Petroleum to take over offshore Qatar field from Occidental Petroleum

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Qatar Petroleum to take over offshore Qatar field from Occidental Petroleum

Qatar Petroleum will begin managing and operating the Idd El-Shargi North Dome field offshore Qatar in October 2019 as Occidental Petroleum Corp. chose to not renew its development and production sharing agreement, according to an Oct. 14 release.

Occidental Petroleum said in a separate Oct. 15 release that free cash from the field was projected at less than $300 million with production pegged at 51,000 barrels of oil equivalent per day. The company plans to replace the free cash and production from the field in 2020 from its ongoing development program and reallocation of 2019 capital from the field, it said.

"Consistent with our strategy, our intent is to redeploy our capital and human resources to projects where we can deliver the highest returns for our shareholders," Occidental Petroleum President and CEO Vicki Hollub said.

Occidental Petroleum and Qatar Petroleum signed the development and production sharing agreement in 1994. The field is 85 kilometers off the eastern coast of Doha and was discovered in 1960.