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Oxy has confirmed it will no longer pursue the extension of the Idd El-Sharghi North Dome (ISND) offshore field in Qatar, which expires in October 2019.
Occidental intends to have the production and cash flow from the ISND contract replaced in 2020 from its ongoing development program and reallocation of 2019 capital from ISND.
President and Chief Executive Officer Vicki Hollub said: "We have been honored to partner with Qatar Petroleum for more than 20 years on the development of the ISND field. During our operatorship, we have significantly increased production while being recognized as a leader in safety performance and the lowest-cost offshore oil operator in the country. Consistent with our strategy, our intent is to redeploy our capital and human resources to projects where we can deliver the highest returns for our shareholders."
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