Occidental Petroleum Corp. and the and Mubadala Development Company of Abu Dhabi have signed a 20-year deal to develop four gas fields in Northern Orman
Occidental Petroleum Corp. and the and Mubadala Development Company of Abu Dhabi have signed a 20-year deal to develop four gas fields in Northern Oman.
The total investment in the area will be about $500 million, according to a release from Occidental.
Occidental will serve as the operator of the fields under the exploration and production sharing agreement, and will have a 48 percent stake in the venture. Mubadala will have a 32 percent stake and the Oman Oil Co. will hold the remaining 20 percent.
Exploration and development will begin immediately, with production in the fields slated to begin in 2010.
Los Angeles-based Occidental is the fourth largest U.S. oil and gas company and has operations in the United States, Middle East/North Africa and Latin America regions.
Author:
Jo Amey
