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Qatar Petroleum (QP) is to take over operatorship of one of its largest oil fields in 2019 as CEO Saad Sherida Al-Kaabi continues to shake up the emirate’s oil and gas sector.
QP announced on 14 October that it will “manage and operate the Idd el-Shargi North Dome (ISND) field” once the current development and production sharing agreement (DPSA) expires on 6 October 2019. The 95,000 b/d offshore field is currently operated by US firm Occidental (Oxy) under the 1994 DPSA ( MEES, 26 September 1994 ).
OXY: CONFIDENCE MISPLACED
Oxy had appeared outwardly confident that it would remain QP’s partner at the field. Oxy frequently cites Qatar as central to its portfolio. CEO Vicki Hollub told a May 2017 earnings call that Oxy had “confidence that we’d be able to extend that contract…we believe that with the success our teams are having there that we’re going to be able to meet his [Mr Kaabi’s] expectations.” (CONTINUED - 909 WORDS)