In announcing the sale, Dr. Ray R. Irani, Chairman, President and Chief Executive Officer said, ``This is an important milestone for Oxy as we resume our operations in Libya. Moreover, the resumption of shipments of Libyan oil to the U.S. is a significant development for domestic energy markets that are struggling to recover from the devastating impact of Hurricanes Katrina and Rita on the nation's energy infrastructure. Above all, it reflects the on-going improvement in U.S.-Libya relations.''
Current estimates indicate that Occidental's net Libyan production will contribute approximately 22,000 barrels per day to the company's year-end 2005 production exit rate, an increase from earlier estimates of 12,000 to 15,000 barrels per day.
Occidental's Libyan holdings, which include three producing properties and interests in 13 exploration blocks, encompass an area of approximately 130,000 square kilometers, making Occidental the largest net working interest holder of oil and gas acreage in the country.
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