Occidental Awarded New Oil Field in Qatar

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December 10th 1997

Occidental Petroleum Corporation today announced the signing of a production-sharing agreement with state-owned Qatar General Petroleum Corporation to develop the Idd El Shargi South Dome (ISSD) oil field offshore Qatar. The field is 15 miles from the Idd El Shargi North Dome (ISND) oil field that has been operated by Occidental since late 1994.

The ISSD field has approximately 1.1 billion barrels of oil in place and is estimated to have ultimate gross recoverable reserves of 200 to 300 million barrels. Gross production is expected to reach 50,000 barrels per day. Occidental's net interest is approximately 44 percent.

Dr. Ray R. Irani, chairman and chief executive officer of Occidental Petroleum Corporation, said, "We are pleased to be adding this attractive asset to our portfolio. This is a significant step in our strategy to grow our asset base in core areas like the Middle East. We expect to invest up to $450 million in capital over the life of this project, with about $400 million to be spent in the first five years."

Occidental will operate ISSD as a satellite of the ISND field, which will keep overall per-unit operating costs lower. Since Occidental became operator of ISND, production has increased from approximately 20,000 barrels per day in 1994 to more than 100,000 barrels per day currently and is expected to reach in excess of 160,000 barrels per day in 1999.

The same state-of-the-art technology in horizontal completion methods used in the successful development of all of the ISND reservoirs will be applied to ISSD. The ISSD development program calls for drilling 36 wells on three platforms, including 21 producers, 13 injectors and two water-disposal wells.

The company also will build two pipelines, one for oil and one for gas. These lines will connect ISSD to the processing facilities on the main ISND production platform.


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