Occidental Petroleum, partner to invest $3 bln to upgrade Qatar field
July 15 (Reuters) - 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.
- Exclusive: Angry with Washington, 1 in 4 Americans open to secession
- U.S. immigration protesters drop U.S. border blockade plan
- About 60,000 Syrian Kurds flee to Turkey from Islamic State advance |
- Secret Service investigates after man jumps White House fence, reaches doors
- Kentucky firefighter dies after ice bucket challenge accident