Apr 28 2009 |
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Occidental and Mubadala to develop Bahrain field
Tuesday, Apr 28, 2009
Gulf News
Dubai: Occidental Petroleum Corporation and Mubadala Development Company (Mubadala) , through its business unit Mubadala Oil & Gas, said on Sunday they have signed a development and production sharing agreement (DPSA) with the National Oil and Gas Authority of Bahrain (NOGA) for the development of the Bahrain field.
Under this agreement, a joint operating company will be formed to serve as operator for the project under the DPSA.
Oxy will hold a 48 per cent interest in the DPSA, with Mubadala holding a 32 per cent stake and a subsidiary of NOGA holding the remaining 20 per cent.
"We are delighted with the successful conclusion of our joint negotiations with NOGA ," said Khaldoon Khalifa Al Mubarak, chief executive officer and managing director, Mub-adala Development Company.
Development activities will commence immediately. Oil production from the field is expected to more than double to approximately 75,000 barrels per day within five years and grow to a peak level of more than 100,000 barrels per day thereafter.
Gas production capacity is expected to grow from the current level of 1.7 billion cubic feet per day to over 2.5 billion cubic feet per day under the field development plan.
Oxy
's net share of production is expected to be approximately 28,000 barrels of oil equivalent per day (boepd) in 2010 growing to 56,000 boepd within five years.
Mubadala 's net share of production is expected to be approximately 18,500 boepd and 37,000 boepd for the same time periods.
Net reserve additions over the life of the project for Oxy are estimated to be 450 million barrels of oil equivalent.
© Gulf News 2009. All rights reserved.
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