ABU DHABI — Oman has signed an accord with a U.S.
major for the development of four natural gas fields.
The Omani Energy Ministry has signed an exploration and
production-sharing agreement with the U.S. firm Occidental Petroleum Corp.
Occidental has been partnered with the Mubadala Development Co. of the
United Arab Emirates, and executives said production was expected to begin
in 2010.
"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 chairman Ray Irani said.
Executives said Mubadala and Occidental would develop four fields and
explore for energy reserves in an area of 2,269 square kilometers in
northern Oman, Middle East Newsline reported. The 20-year-old accord would be led by Occidental, which
would serve as operator as well as the largest shareholder — 48 percent —
in the project.