Qatar Petroleum has announced its plans to manage and operate the Idd El-Shargi North Dome (ISND) field, which is located 85km off the eastern coast of Doha.
This announcement comes as the Development & Production Sharing Agreement (DPSA) with Occidental Petroleum of Qatar will expire on 6 October 2019.
In 1994, Occidental Petroleum of Qatar signed the DPSA to manage and operate the ISND, which was discovered in 1960.
QP president and chief executive Saad Sherida al-Kaabi said: “Managing and operating this important oil field showcases Qatar Petroleum’s distinctive technical capabilities in operating and managing oil & Gas fields, and maximizes the value for the State.
“It also further enhances our efforts to implement our ambitious growth plan designed to set Qatar Petroleum firmly on the road to becoming the best national oil and gas company in the world.
“Qatar Petroleum will offer employment to all Occidental Petroleum of Qatar employees and look forward to welcoming them into the QP family.”
Last month, Qatar Petroleum, in partnership with ExxonMobil, has secured exploration rights for an offshore field in Brazil.
This bid was announced by Brazil’s National Agency of Petroleum, Natural Gas, and Biofuels (ANP).
The field was provided under the Brazil Exploration PSC-5 bid round, which comprises four blocks in the Santos / Campos basins.
Qatar Petroleum secured the rights to explore the Tita block as part of a consortium with ExxonMobil.
ExxonMobil will be the operator with 64% interest, while Qatar Petroleum will have the remaining interest. This was the third bid won by Qatar Petroleum in Brazil.
Under the PSC-3 round held in Brazil, Qatar Petroleum secured the exploration rights of Alto de Cabo Frio-Oeste block in the Santos basin as part of a consortium with Shell and China National Offshore Oil Corporation in October 2017.
This March, Qatar Petroleum was part of two consortia, which allowed it to secure four blocks in the 15th concession bidding round in the country, two of these blocks with Petrobras and ExxonMobil in the Campos Basin, while the two other blocks are with ExxonMobil in the Santos basin.