May 08 2011 |
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Oxy Mukhaizna field sees 18 pc rise in Q1 production
Global oil and gas company Occidental Petroleum ( Oxy ) has seen a 45 per cent rise in its first quarter profits following an 18 per cent increase in production at its Mukhaizna oil field in Oman.
Posting its financial results for the first three months of 2011, the company announced a growth in first quarter net profits, from US$1.1bn in 2010 to US$1.6bn for the same period in 2011.
Announcing the results in a report for shareholders, the company's chairman and CEO, Dr Ray Irani, said the profit jump was the result of a four per cent increase in oil and gas production.
The company's financials also show that oil and gas segment earnings for the first quarter rose 30 per cent from US$1.9bn in 2010 to US$2.5bn in 2011.
Oxy 's figures revealed that first-quarter production at the company's Mukhaizna field, located at the southern end of Oman's interior, had grown 17.5 per cent from 57,000 barrels per day in 2010 to 67,000 barrels per day in 2011.
© Muscat Daily 2011
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