The license governing the Vanyoganneft Joint Venture currently expires in January 2013, although it may be extended under Russian law. At year-end 2006, Occidental's net proved Vanyoganneft reserves were an estimated 33 million barrels of oil equivalent, and the company's net production from Vanyoganneft is currently averaging an estimated 22,600 barrels of oil per day.
Occidental expects to record a gain of approximately $400 million at the expected close of the transaction in the first quarter of 2007.
Most Popular Articles
From the Career Center
Jobs that may interest you