Occidental Petroleum and Mubadala sign EPSA in Oman

Tue. November 25, 2008; Posted: 06:00 AM

Nov 25, 2008 (Datamonitor via COMTEX) -- OXY | Quote | Chart | News | PowerRating -- Occidental Petroleum Corporation and Mubadala Development Company of Abu Dhabi have signed an exploration and production sharing agreement with the Ministry of Oil and Gas in Oman.

Under the terms of the exploration and production sharing agreement (EPSA), 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 2,269sqkm area.

Occidental Petroleum Corporation (Oxy) will serve as operator under the EPSA and hold a 48% interest, with Mubadala Development Company of Abu Dhabi (Mubadala) holding a 32% interest and the Oman Oil Company holding the remaining 20%.

Exploration, appraisal and development activities will commence immediately. Production from the area is expected to begin in 2010 and reach a plateau of approximately 27,500 barrels of oil equivalent per day (boepd) by year-end 2011. Oxy's net share of production at plateau is expected to be approximately 10,000boepd, with Mubadala's net share around 6,000boepd.

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For full details on Occidental Petro Cp (OXY) click here. Occidental Petro Cp (OXY) has Short Term PowerRatings of 6. Details on Occidental Petro Cp (OXY) Short Term PowerRatings is available at This Link.

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