|
Occidental gets Oman oil contract
|
SPECIAL TO WORLD TRIBUNE.COM
Monday, July 25, 2005
ABU DHABI — Oman has approved a contract with a major U.S. firm to
develop the sultanate's oil field.
Oman has approved a contract with Occidental Petroleum Corp. for the
development of the Mukhaizna oil field, one of the largest oil fields in
Oman. The announcement on July 14 would enable Occidental to operate the
field and maintain a 45 percent interest, Middle East Newsline reported.
Officials said the sultanate, through Oman Oil Co., would hold a 20
percent stake; Shell Oman Trading would maintain a 17 percent stake, and
Liwa Energy another 15 percent. Liwa is the investment company of the Abu
Dhabi emirate of the United Arab Emirates.
The Mukhaizna field, located in central Oman, was discovered in 1975 by
Petroleum Development Oman and produces 10,000 barrels of oil per day.
Occidental said its consortium plans to invest more than $2 billion to raise
oil production to about 150,000 barrels per day within the next few years.
Copyright © 2005 East West
Services, Inc.
|
