Oxy Studying Opportunities in Iraq

HOUSTON (Dow Jones Newswires), April 23, 2009

The chairman and chief executive of Occidental Petroleum Corp. said Thursday that the company was studying opportunities in Iraq.

Ray Irani, chairman and chief executive of Occidental, said during a conference call to discuss the company's first quarter earnings that Iraq will offer opportunities and that the company had a "desire to be there."

"This will be a bigger gold rush than what happened in Libya," Irani said during the call.

Irani added that the oil and gas fields in Iraq range in size, with the largest likely to be given to a consortium of companies led by super-major oil companies. He said the company hopes to lead activities in some of the smaller or medium-sized fields.

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