Occidental signs ESPA

Occidental Petroleum Corporation (OXY) and Mubadala Development Company of Abu Dhabi have announced the signing of an exploration and production sharing agreement (EPSA) with the Ministry of Oil and Gas in the Sultanate of Oman

Occidental Petroleum Corporation (OXY) and Mubadala Development Company of Abu Dhabi have 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 terms of the EPSA the parties will develop four existing gas fields and explore for potential new discoveries in a newly formed contract area (Habiba - Block 62) 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.

We are pleased to expand upon our existing relationship with Oman and look forward to working with our partners to help ensure that future supplies of natural gas will be available to fuel Oman's economic growth," says Ray R Irani, chairman and chief executive officer of Occidental.

"Signing this EPSA is another step in the implementation of our growth strategy within the region. The development of the substantial natural gas resources contained within the contract area will create significant value for the people of Oman and for our shareholders.""

Occidental signs ESPA
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