July 15 Occidental Petroleum Corp and Qatar Petroleum will spend more than $3 billion to upgrade the Idd El Shargi North Dome oil field offshore Qatar.
The Phase 5 development plan for the field includes drilling over 200 water injection wells to improve water-flooding practices in all the oil producing reservoirs, Occidental said.
The oil and gas producer said work has already begun and will continue to sustain oil production levels at about 100,000 barrels per day, through the next six years.
Occidental and the Qatar government Signed a development and production sharing agreement of the field in July 1994.
Shares of Los Angeles-based Occidental were down 0.59 percent at $89.69 in early trading on the New York Stock Exchange.