Occidental Petroleum Corporation and Mubadala Development Company sign EPSA to develop gas fields in Oman |
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ABU DHABI, November 24, 2008 -- Occidental Petroleum Corporation (OXY)Occidental Petroleum Corporation (OXY)
and Mubadala Development Company of Abu Dhabi (Mubadala)Mubadala Development Company of Abu Dhabi (Mubadala) today announced the signing of an Exploration and Production Sharing Agreement ("EPSA") with the Ministry of Oil and Gas in the Sultanate of Oman. Under the terms of the EPSA the parties will develop four existing gas fields and explore for potential new discoveries in a newly formed contract area ("Habiba" - Block 62) in Northern Oman. The 20 year agreement covers a 2,269 square kilometre area. OxyOxy will serve as operator under the EPSA and hold a 48-percent interest, with MubadalaMubadala holding a 32-percent interest and the Oman Oil CompanyOman Oil Company holding the remaining 20 percent.
"We are pleased to expand upon our existing relationship with Oman and look forward to working with our partners to help ensure that future supplies of natural gas will be available to fuel Oman's economic growth," said Dr. Ray R. Irani, Chairman and Chief Executive Officer of OccidentalOccidental. "Signing this EPSA is another important step in the implementation of our growth strategy within the region. The development of the substantial natural gas resources contained within the contract area will create significant value for the people of Oman and for our shareholders."
"This EPSA is a logical expansion of our energy portfolio in Oman and we are pleased to build upon our long-standing partnership with OxyOxy in this new venture," said Khaldoon Khalifa Al Mubarak, CEO and Managing Director of MubadalaMubadala. "The project is another example of MubadalaMubadala's strategy of leveraging Abu Dhabi's history and experience as a trusted energy supplier to build a diverse range of energy related businesses in the UAE and internationally."
Exploration, appraisal and development activities will commence immediately. Production from the area is expected to begin in 2010 and reach a plateau of approximately 165 MMscfd (27,500 boepd) by year end 2011. OxyOxy's net share of production at plateau is expected to be approximately 10,000 boepd; with MubadalaMubadala's net share around 6,000 boepd.
Total capital investment in the contract area is expected to be approximately $500 million over the next four years. In addition to the field developments, this investment will include up to nine exploration wells over a six year exploration period to test the upside potential of the shallow and deep gas plays found in the region.
-Ends-
Oxy
OccidentalOccidental Petroleum Corporation is an international oil and gas exploration and production company with operations in the United States, Middle East/North Africa and Latin America regions. OxyOxy is the fourth largest U.S. oil and gas company, based on equity market capitalization. OxyOxy's wholly owned subsidiary, OxyChem, manufactures and markets chlor-alkali products and vinyls. OccidentalOccidental is committed to safeguarding the environment, protecting the safety and health of employees and neighboring communities and upholding high standards of social responsibility in all of the company's worldwide operations.
MubadalaMubadala Development Company
MubadalaMubadala Development Company (MubadalaMubadala) is a Public Joint Stock Company headquartered in Abu Dhabi, capital of the United Arab Emirates. Its focus is on developing and managing an extensive and economically diverse portfolio of commercial initiatives. It does this either independently or in partnership with leading international organizations. MubadalaMubadala's commercial strategy is fundamentally built on long term capital intensive investments that deliver strong financial returns.
The company manages a multi-billion dollar portfolio of local, regional, and international investments, projects and initiatives. Through its investment and development projects, MubadalaMubadala is both a catalyst for, and a reflection of, the drive for economic diversification of the Emirate of Abu Dhabi. Its impact is evident domestically and internationally in sectors such as energy, aerospace, real estate, healthcare, technology, infrastructure, and services.
MubadalaMubadala's sole shareholder is the Government of the Emirate of Abu Dhabi. For more information about MubadalaMubadala, its partnerships and activities please visit www.mubadala.ae.
For further information please contact
OccidentalOccidental
Petroleum CorporationMedia: Richard S. Kline
310-443-6249
richard_kline@oxy.com
Investors:
Chris Stavros
212-603-8184
chris_stavros@oxy.com
Web: www.oxy.com
MubadalaMubadala
Development Company Kate Triggs
Communications Director
+971 2 4130099
ktriggs@mubadala.ae
Web: www.mubadala.ae
© Press Release 2008
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