Occidental Petroleum Corporation to develop Jarn Yaphour and Ramhan oil and gas fields in Abu Dhabi

Oct 09, 2008 (M2 EQUITYBITES via COMTEX) -- OXY | Quote | Chart | News | PowerRating -- Occidental Petroleum Corporation (NYSE:OXY), an oil and gas exploration and production company, declared on 8 October that the company has entered into a preliminary agreement with Abu Dhabi National Oil Company to appraise and develop Jarn Yaphour and Ramhan oil and gas fields in the Emirate of Abu Dhabi.

The company will be the operator of both the fields and will hold a 100% interest in newly created concessions. The total capital investment in both development projects is anticipated to be in the range of USD500m over the next three to four years. The Jarn Yaphour field is located onshore near the capital city of Abu Dhabi. The development activities at the field will commence with immediate effect and initial production is expected to begin in 2009. Gross production from the initial development is anticipated to be approximately 10,000 boepd. The Ramhan discovery, located in very shallow water near the Abu Dhabi refinery, was tested and flowed at a combined rate of 1,750 barrels of oil and 14 million cubic feet of gas per day from one well. The initial production is expected to be in the 10,000 boepd range and is anticipated to start in 2011.

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