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Wednesday, November 26, 2008

Oman signs energy agreement with Occidental

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.

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"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.



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