Occidental and Oman Sign Natural Gas Supply Agreement
Occidental Petroleum has signed an agreement to sell 120 to 130 million gross cubic feet of natural gas per day from its Block 9 operations in Oman to the Omani Government beginning mid-year 2004. As the operator of Block 9, with a 65 percent working interest, Occidental will add approximately 10,000 barrels of oil equivalent per day to its worldwide production when this project becomes fully operational. Mitsui holds the remaining 35 percent interest.
"The agreement with the Oman government gives us the opportunity to monetize the value of previously stranded gas associated with oil production from our operations in that country,'' said Dr. Ray R. Irani, Occidental's chairman and chief executive officer. "The project, which has added 150 billion cubic feet of proven natural gas reserves to Occidental's worldwide reserves base, could pave the way for new exploration opportunities in Oman to meet the growing domestic demand for gas."
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