In October 2018, Qatar Petroleum announced that it would manage and operate the ISND oil field once the development and production sharing agreement signed with Occidental Petroleum of Qatar Ltd. expires in October 2019.
Qatar Petroleum will manage and operate Idd El-Shargi North Dome (ISND) and Idd El-Shargi South Dome (ISSD) offshore oil fields, the company said on Monday.
“Qatar Petroleum today assumed the management and operatorship of the Idd El-Shargi North Dome (ISND) and Idd El-Shargi South Dome (ISSD) offshore oil fields, following the expiry of the development and production sharing agreements with Occidental Petroleum of Qatar Ltd. (OXY) for both ISND and ISSD on 6 October 2019,” the company said in a statement.
Minister of State for Energy Affairs and Qatar Petroleum CEO Saad Al Kaabi also expressed “confidence in Qatar Petroleum’s human capital as being the main driving power behind its continuous successes, including taking over both ISND and ISSD fields.”
Qatar Petroleum and Occidental Petroleum of Qatar Ltd. signed their agreement to develop the ISND, which was discovered in 1960 and is located in Qatari waters 85 kilometres (about 53 miles) east of the capital of Doha, in 1994.