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