Qatar Energy, the state-owned corporation, is investing over USD 50 billion in the significant North Field development and concurrently advancing crucial projects for oilfield expansion. A substantial offshore EPCI contract, valued at 2.2 billion Qatari riyals (USD 609 million), has been awarded to Chinese contractor Offshore Oil Engineering Company (COOEC) for the Idd El-Shargi North Dome: ISND5-2 (Phase-5, Batch-2). The construction is expected to conclude within 43 months of contract signing.
Idd El-Shargi, one of Qatar’s largest offshore oilfields, comprises the larger North Dome and the smaller South Dome structures. Discovered in 1960, the field is located 85 kilometers east of Doha. In 2019, Qatar Energy assumed operatorship of the ISND field and the Idd El-Shargi South Dome field from US-independent Occidental Petroleum. Key contenders for the ISND project, besides COOEC, include a consortium of Italy’s Saipem and Rosetti Marino, Vietnam’s PTSC with Telford Offshore, and McDermott International.
This significant agreement marks COOEC’s second Middle East contract for the year. In May, the company secured a crucial contract from Saudi Aramco for Engineering, Procurement, Construction, and Installation services related to the Safaniyah oilfield. COOEC’s offshore contract acquisitions for the initial three quarters of 2023 amounted to 26.285 billion yuan (USD 3.7 billion), reflecting a notable 51% increase compared to the corresponding period last year.
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