October 15, 2018 / 4:15 PM / 9 months ago

Occidental to no longer pursue Qatar offshore field extension

Oct 15 (Reuters) - Occidental Petroleum Corp said on Monday it would no longer pursue extension of the Idd El-Sharghi North Dome (ISND) offshore oilfield in Qatar, sending its shares down more than 5 percent.

The company had partnered with Qatar Petroleum for more than 20 years to develop the field and the contract expires in October 2019.

Occidental plans to redeploy the capital and workers in the offshore field to other projects.

The company estimated free cash flow for ISND in 2018 to be less than $300 million with production of 51,000 barrels of oil equivalent per day.

Qatar Petroleum said on Sunday it will manage and operate the offshore oilfield.

Occidental’s shares fell 5.2 percent to $72.98 in early afternoon trading. (Reporting by Laharee Chatterjee in Bengaluru; Editing by Sriraj Kalluvila)

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