Occidental, Qatar Will Sink $3B Into Offshore Oil Project

Law360, New York (July 15, 2013, 1:58 PM EDT) -- Occidental Petroleum Corp. and state-owned Qatar Petroleum will invest approximately $3 billion in the latest phase of their joint offshore oil development in the Persian Gulf state, a phase that will produce 100,000 barrels a day for the next six years, Occidental announced Monday.

Work has already begun on the Phase 5 field development plan of Idd El Shargi North Dome Field, being jointly developed by Occidental’s subsidiary Occidental Petroleum of Qatar Ltd., or Oxy Qatar, and Qatar Petroleum.

The project involves drilling more than 200...
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