The US independent’s planned $3bn-plus investment has the aim of increasing the plateau length of the 100,000 b/d Idd al-Shargi mature offshore fields.

An investment of this size would, at first glance, appear something of a gamble for Oxy given that the renewal of its operatorship of its Idd al-Shargi North Dome and South Dome acreage is not guaranteed. Oxy’s 100% working interest, 25-year production sharing agreement (PSA) expires in 2019. (CONTINUED - 1312 WORDS)