Nov 25 2008 |
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Mubadala and OXY to develop gas fields in Oman
Abu Dhabi: Occidental Petroleum Corporation (OXY) and Mubadala Development Company of Abu Dhabi (Mubadala) 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 deal, the parties will develop four existing gas fields and explore for potential new discoveries in a newly formed contract area in Northern Oman. The 20-year agreement covers a 2,269 square kilometre area.
Oxy will serve as operator under the EPSA and hold a 48 per cent interest, with Mubadala holding a 32 per cent interest and the Oman Oil Company holding the remaining 20 per cent.
Production from the area is expected to begin in 2010.
© Gulf News 2008
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